You are viewing a single comment's thread from:
RE: I Love Bitcoin-Explaining the Consensus Algorithm Behind the hash power of Bitcoin.
Whenever a transaction is initaied, miners validate and confirmed these transaction along with their unique timestamp are added to a new block, this process makes it difficult to duplicate the transaction.
Bitcoin is a major breakthrough to solve a problem like double-spending. The only solution earlier was to route it through a bank, intermediary. Now with Bitcoin, it is possible peer-to-peer, that is because of timestamping and the sequence of Blocks- the order of Blockchain. By principles, an unordered blockchain is not possible. That is how it solves the problem of double-spending.
The proof of work protocol is one of the best consensus
Yes, it achieves a higher degree of decentralization.
Thank you.
Thanks for your time, Bitcoin is really superior in many ways.