What was the “proof of work” used in Bitcoin mining originally designed for?
First, what it is: Adam Back is a cryptographer who proposed Hashcash in 1997.
Why it works this way: 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 verifying it only takes one calculation.
$BTC ’s mining mechanism follows the ideas behind Adam Back’s Hashcash.
Understand the rules before you get started, and don’t make decisions on impulse.
First, what it is: Adam Back is a cryptographer who proposed Hashcash in 1997.
Why it works this way: 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 verifying it only takes one calculation.
$BTC ’s mining mechanism follows the ideas behind Adam Back’s Hashcash.
Understand the rules before you get started, and don’t make decisions on impulse.