Let’s talk about Adam Back.
Around the time Satoshi Nakamoto published the Bitcoin white paper in 2008, he emailed Adam Back to introduce the idea behind Bitcoin.
One point many people overlook: the key property of proof of work is that it is “hard to compute, but easy to verify.” Finding a hash that meets the requirements takes many attempts, while verification requires just one calculation.
Understanding how mining works helps you interpret changes in hash rate, but hash rate and coin price are not simply correlated.
$BTC ’s mining mechanism was inspired by Adam Back’s Hashcash concept.
#BTC
Around the time Satoshi Nakamoto published the Bitcoin white paper in 2008, he emailed Adam Back to introduce the idea behind Bitcoin.
One point many people overlook: the key property of proof of work is that it is “hard to compute, but easy to verify.” Finding a hash that meets the requirements takes many attempts, while verification requires just one calculation.
Understanding how mining works helps you interpret changes in hash rate, but hash rate and coin price are not simply correlated.
$BTC ’s mining mechanism was inspired by Adam Back’s Hashcash concept.
#BTC