New post added at Bitcoin EU - Network Security and Proof of Work: - TopicsExpress



          

New post added at Bitcoin EU - Network Security and Proof of Work: Do We Need an Alternative?The Bitcoin protocol is designed using a proof of work mechanism, which determines who is permitted to sign the transactions that need to be verified. A proof of work (PoW) is a piece of data which is computationally difficult to achieve, meaning that it required a lot of either time or hashing power (or both) to find the solution, but its easy to verify that this work was actually completed. Bitcoin uses a proof of work algorithm called hashcash, which has been around a lot longer than bitcoin itself, and was created with the purpose of being an anti denial-of-service ...read moreNetwork Security and Proof of Work: Do We Need an Alternative?Network Security and Proof of Work: Do We Need an Alternative?bitcoineu.org/network-security-and-proof-of-work-do-we-need-an-alternative/bitcoineNetwork Security and Proof of Work: Do We Need an Alternative?Network Security and Proof of Work: Do We Need an Alternative?Network Security and Proof of Work: Do We Need an Alternative?
Posted on: Sun, 17 Aug 2014 23:25:43 +0000

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