What is the problem with the Proof of work mechanism (which aspect of the Proof of work mechanism is more prominent)
What’s wrong with the Proof of work mechanism? What’s wrong with the Proof of work mechanism? According to the paper “Probability and Verifiability Theory of Workload”, in blockchain, miners use the excavated workload as a reward to exchange for transaction costs in the block When a block is mined, if the block contains an ‘invariant’ hash value (as each block has a different hash value), Bitcoin can ensure that the transaction is calculated in the same way and new blocks are generated to generate profits from the block. This method enables Bitcoin to effectively compete for value in more blocks. Therefore, in order to improve network security and prevent 51% attacks, miners will provide users with some additional rewards because they need to pay more transaction fees to continue producing blocks; In addition, the time Weighted arithmetic mean can be used to determine how much bitcoin the miner will receive or whether it will accept the transaction without re balancing the block size
Which aspect of the Proof of work mechanism is more prominent
According to coincryptorama, the Proof of work mechanism plays an important role in the Bitcoin network. But its most prominent feature is that it can ensure the effectiveness and execution time of transactions are not tampered with; Secondly, there is a similar Proof of work mechanism in the world of Cryptocurrency, which is controlled by every participant on the blockchain. Although the specific concept of Proof of work mechanism has not been clearly defined in the market at present, this technology can really help people better understand the Proof of work mechanism.
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