Proof Of Work in Blockchain.
This is a simple video demonstration on one of the most popular consensus mechanisms being used in our cryptocurrency, Proof Of Work (POW). 🤝
⌚Time stamps:
00:00 Introduction to Blockchain and Consensus
01:14 Basic understanding
01:55 Proof Of Work
02:15 Properties
05:00 Validation and appending
06:25 Disadvantages
📗 A blockchain is a peer-to-peer distributed ledger technology that securely and immutably records transactions between parties in blocks. In its essence, blockchain provides a trusted, accountable, and transparent environment where intermediaries who were historically necessary to validate and record transactions are no longer needed.
📙 A consensus mechanism is a fault-tolerant mechanism that is used in computer and blockchain systems to achieve the necessary agreement on a single data value or a single state of the network among distributed processes or multi-agent systems, such as with cryptocurrencies.
📕 Want to view the presentation? : https://github.com/Abhiramborige/Onli...