What was the idea behind Bitcoin mining’s “proof of work” originally used for?
Definition: Hashcash was originally designed to prevent spam and denial-of-service attacks: senders had to solve a hash puzzle first.
Why: Hashcash uses computational costs to deter mass spamming. Bitcoin uses a similar idea to decide who gets to create a block and reward miners.
The mining method of $BTC draws on Adam Back’s Hashcash idea. Current: 83161.73.
Don’t buy just because everyone around you is buying.
#BTC
Definition: Hashcash was originally designed to prevent spam and denial-of-service attacks: senders had to solve a hash puzzle first.
Why: Hashcash uses computational costs to deter mass spamming. Bitcoin uses a similar idea to decide who gets to create a block and reward miners.
The mining method of $BTC draws on Adam Back’s Hashcash idea. Current: 83161.73.
Don’t buy just because everyone around you is buying.
#BTC