crypto:introduction
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| crypto:introduction [2025/12/03 00:50] – deathrequiem | crypto:introduction [2025/12/27 07:24] (current) – deathrequiem | ||
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| However, the two most popular are known as the proof-of-work (PoW) and the proof-of-stake (PoS) consensus mechanisms. | However, the two most popular are known as the proof-of-work (PoW) and the proof-of-stake (PoS) consensus mechanisms. | ||
| - | Proof-of-work (PoW) | + | * **Proof-of-work (PoW)** |
| Proof-of-work is the consensus mechanism used by bitcoin and a wide range of other cryptocurrencies. | Proof-of-work is the consensus mechanism used by bitcoin and a wide range of other cryptocurrencies. | ||
| Line 48: | Line 48: | ||
| In terms of providing security, as more miners join the network and the sophistication of equipment rises, the cost of attacking the Bitcoin blockchain rises exponentially. This is because a perpetrator would have to source an extremely large amount of computational power to gain a 51% majority over the rest of the network. Even then, there would be no guarantee they’d win the mining competition every ten minutes to successfully establish an invalid chain of new blocks. | In terms of providing security, as more miners join the network and the sophistication of equipment rises, the cost of attacking the Bitcoin blockchain rises exponentially. This is because a perpetrator would have to source an extremely large amount of computational power to gain a 51% majority over the rest of the network. Even then, there would be no guarantee they’d win the mining competition every ten minutes to successfully establish an invalid chain of new blocks. | ||
| - | Proof-of-stake (PoS) | + | * **Proof-of-stake (PoS)** |
| Proof-of-stake is a relatively new type of consensus mechanism pioneered by Sunny King and Scott Nadal in 2012. Like proof-of-work, | Proof-of-stake is a relatively new type of consensus mechanism pioneered by Sunny King and Scott Nadal in 2012. Like proof-of-work, | ||
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