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What is Proof of Work? How The Bitcoin Network works:
In brief
Proof of work is the consensus algorithm that secures the decentralized Bitcoin blockchain network.
Bitcoin miners attempt to solve complex math equations with the energy-intensive process, all to generate new blocks and earn BTC rewards.
The blockchain technology that powers Bitcoin and many other cryptocurrencies is essentially a database, but it’s far different than any typical, centralized ledger. It’s decentralized and powered by peer-operated nodes distributed all around the world, with no supervising authority to call the shots or set the rules.
So how do you secure a decentralized network and ensure that everyone agrees on the contents of the ledger? That's where Bitcoin's proof of work consensus algorithm comes in.
Proof of work is the consensus algorithm that secures the decentralized Bitcoin blockchain network.
Bitcoin miners attempt to solve complex math equations with the energy-intensive process, all to generate new blocks and earn BTC rewards.
The blockchain technology that powers Bitcoin and many other cryptocurrencies is essentially a database, but it’s far different than any typical, centralized ledger. It’s decentralized and powered by peer-operated nodes distributed all around the world, with no supervising authority to call the shots or set the rules.
So how do you secure a decentralized network and ensure that everyone agrees on the contents of the ledger? That's where Bitcoin's proof of work consensus algorithm comes in.
Kindle Edition
Published June 14, 2021
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