Concept
Proof-of-Work
Transactions are grouped into blocks and the system works to make the block's hash contain a certain number of leading zero bits. Once a proof-of-work is completed, a block cannot be changed unless the work is redone. As more blocks are added to the chain, changing the block would require redoing the work for all the following blocks too. A result of this system is that the network accepts the longest chain as the legitimate chain.
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Updated 2022-02-10
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Cryptoeconomics
Economics
Social Science
Empirical Science
Science