What was the idea behind “proof of work,” used in Bitcoin mining, originally designed for?
First, the definition: In the section introducing proof of work, the Bitcoin white paper mentions Adam Back’s Hashcash.
The underlying logic: The core property of proof of work is that it’s “hard to compute, but easy to verify”: finding a hash that meets the requirements takes many attempts, while verification only requires one calculation.
$BTC ’s mining mechanism follows Adam Back’s Hashcash approach. Current price: 83390.
Markets are always full of surprises, so think ahead about what you’ll do if you’re wrong.
DYOR, and trade rationally.
First, the definition: In the section introducing proof of work, the Bitcoin white paper mentions Adam Back’s Hashcash.
The underlying logic: The core property of proof of work is that it’s “hard to compute, but easy to verify”: finding a hash that meets the requirements takes many attempts, while verification only requires one calculation.
$BTC ’s mining mechanism follows Adam Back’s Hashcash approach. Current price: 83390.
Markets are always full of surprises, so think ahead about what you’ll do if you’re wrong.
DYOR, and trade rationally.