The Evolution of Bitcoin Mining

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For bit coin, mining incetivises a large number of individual non related decentralized actors to participate in validating blocks. Because if they do that job well, they get rewarded by the network. And if they don't do it, then the other nodes will reject those transactions with overwhelming probability. Everyone checks everyone else's work. So the incentive to try and be the cheater is o because with overwhelming likelihood, you'll be discovered.

In this special “innovation overview” episode from April 2021, the a16z crypto team and other experts take you from the ground up of crypto and web3 — from the basics, to more recent developments, and beyond – through the lens of an oral essay with brief segments on what crypto is, how it really works, and where it’s going.

We chose this particular archive episode this week in honor of a new show that just launched: web3 with a16z. Hosted by Sonal Choksi, the previous showrunner of the a16z podcast network and longtime host of this show, and featuring the team at a16z crypto as well as leading scientists and makers in the space, this show is about the next generation of the internet, how builders and users now have the ability to "own" (web3) pieces of the internet, unlocking a new wave of creativity and entrepreneurship. The first two episodes are out this week, so check out and subscribe to “web3 with a16z” wherever you get your podcasts.