dido:public:ra:xapend:xapend.k_consensus:02_mechanism:pow
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dido:public:ra:xapend:xapend.k_consensus:02_mechanism:pow [2021/08/05 10:58] murphy |
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| - | //**Proof of Work (PoW)** describes a system that requires a not-insignificant but feasible amount of effort in order to deter frivolous or malicious uses of computing power, such as sending spam emails or launching denial of service attacks. The concept was subsequently adapted to securing digital money by Hal Finney in 2004 through the idea of "reusable proof of work" using the SHA-256 hashing algorithm.// | + | //**[[dido:public:ra:xapend:xapend.a_glossary:p:proof_of_work|Proof of Work (PoW)]]** describes a system that requires a not-insignificant but feasible amount of effort in order to deter frivolous or malicious uses of computing power, such as sending spam emails or launching denial of service attacks. The concept was subsequently adapted to securing digital money by Hal Finney in 2004 through the idea of "reusable proof of work" using the [[dido:public:ra:xapend:xapend.a_glossary:s:sha_256|SHA-256]] hashing algorithm.// |
| //Following its introduction in 2009, [[dido:public:ra:xapend:xapend.a_glossary:b:bitcoin|Bitcoin]] became the first widely adopted [[dido:public:ra:xapend:xapend.a_glossary:a:application|application]] of Finney's PoW idea (Finney was also the recipient of the first bitcoin transaction). Proof of work forms the basis of many other cryptocurrencies as well, allowing for secure, decentralized consensus.// | //Following its introduction in 2009, [[dido:public:ra:xapend:xapend.a_glossary:b:bitcoin|Bitcoin]] became the first widely adopted [[dido:public:ra:xapend:xapend.a_glossary:a:application|application]] of Finney's PoW idea (Finney was also the recipient of the first bitcoin transaction). Proof of work forms the basis of many other cryptocurrencies as well, allowing for secure, decentralized consensus.// | ||
| - | //This explanation will focus on proof of work as it functions in the bitcoin network. Bitcoin is a digital currency that is underpinned by a kind of distributed ledger known as a "[[dido:public:ra:xapend:xapend.a_glossary:b:blockchain|blockchain]]." This ledger contains a record of all bitcoin transactions, arranged in sequential "blocks," so that no user is allowed to spend any of their holdings twice. In order to prevent tampering, the ledger is public, or "distributed"; an altered version would quickly be rejected by other users.// | + | //This explanation will focus on proof of work as it functions in the bitcoin network. Bitcoin is a digital currency that is underpinned by a kind of [[dido:public:ra:xapend:xapend.a_glossary:d:distributed_ledgers|distributed ledger]] known as a "[[dido:public:ra:xapend:xapend.a_glossary:b:blockchain|blockchain]]." This [[dido:public:ra:xapend:xapend.a_glossary:l:ledger|ledger]] contains a record of all bitcoin transactions, arranged in sequential "blocks," so that no user is allowed to spend any of their holdings twice. In order to prevent tampering, the ledger is public, or "distributed"; an altered version would quickly be rejected by other users.// |
dido/public/ra/xapend/xapend.k_consensus/02_mechanism/pow.1628175507.txt.gz · Last modified: 2021/08/05 10:58 by murphy
