Bitcoin
$23,285.59
-97.71
(-0.42%)
Ethereum
$1,663.29
+5.51
(+0.33%)
Ripple
$0.41
0
(+0.02%)
Litecoin
$98.02
-1.75
(-1.75%)
EOS
$1.10
0
(+0.09%)
Cardano
$0.40
-0
(-1.02%)
Stellar
$0.09
0
(+0.14%)
NEO
$8.79
-0.08
(-0.9%)
NEM
$0.04
-0
(-0.1%)
DigitalCash
$60.95
-1.31
(-2.1%)
Tether
$1.00
0
(0%)
Binance Coin
$329.61
-2.08
(-0.63%)
QTUM
$2.79
0
(+0.18%)
Verge
$0.00
0
(+0.93%)
Ontology
$0.22
0
(+0.81%)
ZCash
$46.04
-0.95
(-2.02%)
Steem
$0.21
0
(+0.23%)

Proof Of Work Useful Beyond Bitcoin

0


Anyone who has studied bitcoin for a while knows that proof-of-work in bitcoin mining is the key to the security and to the unforgeable nature of the protocol. Bitcoin mining in 2021 requires that miners use purpose-built computers [called ASIC’s] to convert real-world energy [more than 50% of which is renewable and stranded energy] into encrypted digital monetary energy.

By using this proof-of-work and following consensus rules, bitcoin miners (and node operators) secure this decentralized network one block at a time approximately every ten minutes. Some have even called it triple-entry bookkeeping. And the system is designed to work in a way that makes forgery, hacking, theft, cheating or double-spending coins all but impossible. One metaphor that is used to describe this is adding a block to the bitcoin timechain is like adding a floor to a skyscraper. To fully understand how this works is far beyond the scope of this article but the key design of this system requires the use of real-world energy so you can’t cheat or game the system. By contrast, Jay Powell at the Federal Reserve Board can increase the U.S. money supply by the trillions, with a few keystrokes.



Read More: Proof Of Work Useful Beyond Bitcoin

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Notice: Undefined variable: ub in /home/c83w5hz05vw6/public_html/searchcryptonews.com/wp-content/plugins/elements-web-tracker-for-wordpress-W26ADT3-fkYtpIKq-03-15/diframework/ditools.php on line 650

Notice: Undefined variable: ub in /home/c83w5hz05vw6/public_html/searchcryptonews.com/wp-content/plugins/elements-web-tracker-for-wordpress-W26ADT3-fkYtpIKq-03-15/diframework/ditools.php on line 659

Deprecated: strripos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /home/c83w5hz05vw6/public_html/searchcryptonews.com/wp-content/plugins/elements-web-tracker-for-wordpress-W26ADT3-fkYtpIKq-03-15/diframework/ditools.php on line 659

Notice: Undefined variable: ub in /home/c83w5hz05vw6/public_html/searchcryptonews.com/wp-content/plugins/elements-web-tracker-for-wordpress-W26ADT3-fkYtpIKq-03-15/diframework/ditools.php on line 674

Get more stuff like this
in your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.