Proof of Work - Revision history

Hdridder at 13:16, 1 June 2021

2021-06-01T13:16:22Z

← Older revision		Revision as of 13:16, 1 June 2021
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	On the BitCoin blockchain every 10 minutes a block is created, the difficulty of the problem to fix is automatically adjusted to keep this frequency. So, more miners with fast computers, mean faster block generation, meaning greater difficulty meaning more energy or faster hardware is to be used.		On the BitCoin blockchain every 10 minutes a block is created, the difficulty of the problem to fix is automatically adjusted to keep this frequency. So, more miners with fast computers, mean faster block generation, meaning greater difficulty meaning more energy or faster hardware is to be used.

			The concept of [https://en.wikipedia.org/wiki/Proof_of_work Proof of Work], where is is relative hard to create the proof but simple to verify it, was invented in 1993 by Cynthia Dwork and Moni Naor.

			[https://en.wikipedia.org/wiki/Hashcash Hashcash] is a PoW implementation that is used in the [[Bitcoin]] blockchain.

Hdridder at 10:37, 31 May 2021

2021-05-31T10:37:50Z

← Older revision		Revision as of 10:37, 31 May 2021
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	Miners with faster computers will usually be the the first to find a block. This make mining expensive, you need the right equipment and the power to run it.		Miners with faster computers will usually be the the first to find a block. This make mining expensive, you need the right equipment and the power to run it.

	Examples of PoW blockchains are BitCoin~~, Ethereum~~ and LiteCoin.		Examples of PoW blockchains are BitCoin and LiteCoin.

	On the BitCoin blockchain every 10 minutes a block is created, the difficulty of the problem to fix is automatically adjusted to keep this frequency. So, more miners with fast computers, mean faster block generation, meaning greater difficulty meaning more energy or faster hardware is to be used.		On the BitCoin blockchain every 10 minutes a block is created, the difficulty of the problem to fix is automatically adjusted to keep this frequency. So, more miners with fast computers, mean faster block generation, meaning greater difficulty meaning more energy or faster hardware is to be used.

Hdridder at 09:03, 31 May 2021

2021-05-31T09:03:02Z

← Older revision		Revision as of 09:03, 31 May 2021
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	[[Category:Blockchain]]		[[Category:Blockchain]]
	Miners on a Proof of Work (PoW) blockchain ~~collect transactions posted on the blockchain network, put them in a block an~~ fix a complex mathematical problem. The miner that finds the solution ~~to that problem~~ first can put the block on the network and is rewarded e.g. by receiving an amount of the the cryptocurrency on that blockchain.		Miners on a Proof of Work (PoW) [[blockchain]] have to fix a complex mathematical problem before then can complete a new block. The miner that finds the solution first can put the block on the network and is rewarded e.g. by receiving an amount of the the cryptocurrency on that blockchain.

	Miners with faster computers will usually be the the first to find a block. This make mining expensive, you need the right equipment and the power to run it.		Miners with faster computers will usually be the the first to find a block. This make mining expensive, you need the right equipment and the power to run it.

Hdridder at 08:53, 31 May 2021

2021-05-31T08:53:51Z

← Older revision		Revision as of 08:53, 31 May 2021
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			[[Category:Blockchain]]
	Miners on a Proof of Work (PoW) blockchain collect transactions posted on the blockchain network, put them in a block an fix a complex mathematical problem. The miner that finds the solution to that problem first can put the block on the network and is rewarded e.g. by receiving an amount of the the cryptocurrency on that blockchain.		Miners on a Proof of Work (PoW) blockchain collect transactions posted on the blockchain network, put them in a block an fix a complex mathematical problem. The miner that finds the solution to that problem first can put the block on the network and is rewarded e.g. by receiving an amount of the the cryptocurrency on that blockchain.

Hdridder: Created page with "Miners on a Proof of Work (PoW) blockchain collect transactions posted on the blockchain network, put them in a block an fix a complex mathematical problem. The miner that fin..."

2021-05-26T15:13:28Z

Created page with "Miners on a Proof of Work (PoW) blockchain collect transactions posted on the blockchain network, put them in a block an fix a complex mathematical problem. The miner that fin..."

New page

Miners on a Proof of Work (PoW) blockchain collect transactions posted on the blockchain network, put them in a block an fix a complex mathematical problem. The miner that finds the solution to that problem first can put the block on the network and is rewarded e.g. by receiving an amount of the the cryptocurrency on that blockchain.

Miners with faster computers will usually be the the first to find a block. This make mining expensive, you need the right equipment and the power to run it.

Examples of PoW blockchains are BitCoin, Ethereum and LiteCoin.

On the BitCoin blockchain every 10 minutes a block is created, the difficulty of the problem to fix is automatically adjusted to keep this frequency. So, more miners with fast computers, mean faster block generation, meaning greater difficulty meaning more energy or faster hardware is to be used.