Zero Knowledge

PoW, what is it and why do we want PoS

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Oct 9, 2017
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INSIGHT

Proof of Work Explained

  • Proof of Work hashes prove that significant computational effort was expended solving a hard puzzle.
  • The puzzle must be hard to solve but easy and quick to verify by others.
INSIGHT

Bitcoin's Consensus Insight

  • Bitcoin's innovation lies in using the longest chain rule for consensus, not proof of work itself.
  • Proof of work makes producing a block hard, so the longest chain is trusted as the valid blockchain.
INSIGHT

Role of Nodes in Consensus

  • Full nodes store entire blockchain copies and validate received blocks.
  • Nodes choose the longest chain by waiting for new blocks, ensuring consensus on the blockchain state.
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