THE CONSENSUS IN BITCOIN

Parag Pancholi·2020년 10월 4일
0

An economic measure to deter service abuses by requiring some work from the service requester(usually processing time by a computer)
The idea came from Dwork and Naor (1992), to combat junk emails
You have to do some work to send valid emails
The attacker would be discouraged to send junk emails
So what should be the challenge so to generate the challenge bitcoin relies on a mechanism called proof of work So what is the proof of work.

the proof of work is an economic measure to determine service abuses requiring some work from the service requester ( usually processing time by a computer) Say if u are requesting for a service you have to show to the service provider that you have Spain significant interest on the service that you are requesting for

so I will give u an example that how this kind of proof of work-based can help you to prevent junk emails or spam emails that is an interesting idea but the broad idea of this proof of work is that every service requester must spend some time on the service that he or see asking for before actually requesting for the service so that way it shows you form the economic perspective that the service requester has some interest on the service

so if the service is provided to that service requester will genuinely accept that service and it will not use it maliciously.

So that idea is actually an old idea which came from Torque 1992 from an interesting paper Published in a crypto conference to combine the junk emails so in that particular paper the idea they had a share that you have to do some work to send a valid email now the attacker this way they will be discouraged to send junk email because in that case, they have to do the same work of the same Complicity over the junk email that will not prove beneficial for day

PROOF OF WORK (POW) features
Asymmetry
The work must be moderately hard, but feasible for the service requester
The work must be easy to check for the service provider
Service requesters will get discouraged to forge the work, but service providers can easily check the validity of the work
So this kind of proof of work-based system should have certain features one important feature is Asymmetry that means work must be moderately hard, but feasible for the service requester.

So you should try to solve moderately hard work feasible work to the service requester side whereas at the service provider side the work must be easy to check or must be easy to validate so that way the service requester they will get discouraged to force the work so

because they have to Spent some significant amount of time to complete that particular work they will be discouraged to submit any kind of spam or junk work to the system but the service provider, on the other hand, they can easily check the validity of the work because of the asymmetry nature that the work is easier to validate for the service providers but it is hard but not infeasible for the service requester
READ MORE

profile
blockchain technology(hyper ledger,corda, ethereum)

3개의 댓글

comment-user-thumbnail
2021년 4월 12일

Thanks for sharing. Where can I learn more about it?

답글 달기
comment-user-thumbnail
2021년 4월 12일

Despite all the problems and unclear things connected to bitcoin, it is still a worthy currency to invest in. Of course, I can't afford to acquire a lot of it, but I have some savings to play with. I do it on several platforms. Here are some of them https://www.theladycrypto.com/best-bitcoin-casinos/ . I guess this information may be useful for some people who are into the world of crypto.

답글 달기
comment-user-thumbnail
2021년 11월 20일

Thanks for sharing right now I am seeing the same situation that they say now, especially that it is one of the best ways to earn money but right now that I found the page of https://bitcoinmotion.org/ I can say that it is our future to use the cryptocurrencies and a fast way with which you can earn money and above all that it is very fast to learn on that page.

답글 달기