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"This explanation rests on illustrating a few interesting properties of how Proof-of-Work is used in the blockchain that are not immediately obvious and sometimes are rather counter-intuitive, for example how participants collectively solve a problem without ever communicating." - grisha
While we incessantly focus on the side-effects of the proof-of-work system in Bitcoin, the security it attributes to the Bitcoin history, the incentive structure it enables, etc, we can often forget the reason Satoshi himself stated for its use: to enable a distributed timestamp server. i.e. a decentralized clock.
An epic piece from @humblehack posted back in January 2018 on his blog at grisha.org. Check out the original and many other works at the link below:
Other great reads to dig further into the concepts:
Thanks to Marty & Chris from TFTC for bringing this to my attention again:
--- Send in a voice message: https://podcasters.spotify.com/pod/show/bitcoinaudible/message
By Guy Swann4.9
421421 ratings
"This explanation rests on illustrating a few interesting properties of how Proof-of-Work is used in the blockchain that are not immediately obvious and sometimes are rather counter-intuitive, for example how participants collectively solve a problem without ever communicating." - grisha
While we incessantly focus on the side-effects of the proof-of-work system in Bitcoin, the security it attributes to the Bitcoin history, the incentive structure it enables, etc, we can often forget the reason Satoshi himself stated for its use: to enable a distributed timestamp server. i.e. a decentralized clock.
An epic piece from @humblehack posted back in January 2018 on his blog at grisha.org. Check out the original and many other works at the link below:
Other great reads to dig further into the concepts:
Thanks to Marty & Chris from TFTC for bringing this to my attention again:
--- Send in a voice message: https://podcasters.spotify.com/pod/show/bitcoinaudible/message

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