Podcasts: Read_438 - Blockchain Proof of Work is a Decentralized Clock [grisha] 🔗 4 years ago
- Category: Podcasts | Bitcoin Audible
- Author(s): Guy Swann
- Published: 11th September 2020 00:46
"This explanation rests on illustrating a few interesting properties of how Proof-of-Work is used in the blockchain that are not immediately obvious and sometimes are rather counter-intuitive, for example how participants collectively solve a problem without ever communicating." - grisha
While we incessantly focus on the side-effects of the proof-of-work system in Bitcoin, the security it attributes to the Bitcoin history, the incentive structure it enables, etc, we can often forget the reason Satoshi himself stated for its use: to enable a distributed timestamp server. i.e. a decentralized clock.
An epic piece from @humblehack posted back in January 2018 on his blog at grisha.org. Check out the original and many other works at the link below: https://grisha.org/blog/2018/01/23/explaining-proof-of-work/ Learn more about your ad choices. Visit megaphone.fm/adchoices
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