BlockchainPedia #4 | PROOF OF WORK

On a race track, a gun shot is fired to give the runners an edge for the competition. It takes the right shoes, total-body fitness, a healthy heart and good practice to race better. The faster the runner is, the shorter the distance remaining and the less time used. The first runner to cross the finishing line is the one that is rewarded a gold medal. The consensus algorithm, Proof Of Work(PoW), takes the pattern of the Runner Analogy as shown:

• Race track is the Blockchain.
• The gunshot is the pending transaction introduced.
• The runners are the miners.
• Cross the finishing line refers to validation & verification of the transaction.
• The Race is the mining process of solving a problem based on cryptographic hash algorithms.
• Right shoes, total-body fitness refer to the higher computational power.
• The first runner is the miner who solves the difficult problem.
• The gold medal refers to the digital asset rewarded to the minder, for example 12.5 BTC on the Bitcoin Blockchain and 5 ETH on the Ethereum Blockhain.

In general, when a pending transaction is introduced into the Blockchain, the miners receive a mathematical problem that they need to solve based on a cryptographic hash algorithm. The miner with a higher computational power has a greater chance of solving the problem faster. The miner that validates and verifies the transaction first is rewarded and allowed to create a new block and add it to the Blockchain.

Thank you, my dear reader,
For taking the time to visit my digital hub where we dive into the Mobile and Blockchain spheres. Join me as we explore different encounters with technology.
Love & Light💚