4. Proof-of-Work: The Backbone of Bitcoin’s Security
How Proof-of-Work Secures Bitcoin’s Network and Ensures Decentralization
Introduction:
Bitcoin’s revolutionary nature stems not just from its role as a digital currency but also from the innovative technology that secures its network.
At the heart of this technology is the proof-of-work (PoW) consensus mechanism, a process that ensures Bitcoin transactions are valid and the blockchain remains immutable.
In this article, we’ll simplify the concept of proof-of-work, explain its importance to Bitcoin’s decentralized and trustless system, and compare it to other consensus mechanisms like proof-of-stake (PoS).
Keep reading with a 7-day free trial
Subscribe to The HODL to keep reading this post and get 7 days of free access to the full post archives.