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Title: Why Bitcoin needs the Proof-of-Work??? Post by: ProtonBitcoin on January 04, 2018, 12:07:18 PM So, when a node receive a transaction it verify it. But why does the nodes' work is not enough? Why does we need a proof of work? I've heard it is useful to adjust the mining difficulty (but we could do it in another manner) and this is a simple concept but I've also head that. The proof of work is used to gain security!! HOW????? Is it true? Why?
Title: Re: Why Bitcoin needs the Proof-of-Work??? Post by: Alartonicus on January 04, 2018, 04:26:28 PM The more miners, the more interest in Bitcoin, but the reward is always one. This requires complexity, as well as the essence of the evidence of the work - attracting the attention
Title: Re: Why Bitcoin needs the Proof-of-Work??? Post by: uberproteam on January 04, 2018, 05:43:44 PM Proof of work consuming too much electrical power. Proof of capacity is very energy efficient and easy to mine. What if bitcoin changes to proof of capacity like bolt coin . This will ensure low electrical costs.
Title: Re: Why Bitcoin needs the Proof-of-Work??? Post by: MintDice on January 04, 2018, 05:57:51 PM Proof of work ensures a higher degree of safety for the network. The network backing bitcoin is the most secure network in the entire world by a large degree. If you are more partial to other forms of security via proof of stake, masternodes or other derivatives, there are many viable altcoin options out there for you to invest in.
Title: Re: Why Bitcoin needs the Proof-of-Work??? Post by: olim on January 05, 2018, 03:14:33 AM Nodes validate transactions and blocks as per the Bitcoin protocol, as a result valid unconfirmed transactions and blocks (of confirmed transactions) are relayed to neighboring nodes (peers).
So why does Bitcoin need the proof-of-work? This is oversimplifying it, but in my mind the first reason that stands out is "minting". Minting is the issuance of new coins into the system, the proof of work is one way of controlling the inflation rate and initial distribution of coin supply. The second reason is security or "immutability" of the blockchain. By requiring proof of work it means that if someone is attempting to cheat the Bitcoin network then they have to expend slightly more energy than everyone else who is playing by the rules, and you have to do this continuously or risk being overtaken by the "good guys" who will reject your chain of work. In the long run the theory is that it's more rewarding to play nice than try and cheat the system, and proof of work is an essential component in making that happen. I recommend listening to a few of Andreas Antonopoulos talks on youtube, he's very knowledgeable and verbose in his talks about the big picture and game theory behind Bitcoin. One video that I think is along the lines of your question is: Bitcoin Q&A: Proof-of-Work (PoW), Proof-of-Stake (PoS), Delegated Proof-of-Stake (DPoS) https://www.youtube.com/watch?v=3W_3AQrQEOM (https://www.youtube.com/watch?v=3W_3AQrQEOM) |