WebDec 5, 2024 · Nakamoto was clear that proof of work was a key element of the Bitcoin protocol: We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the … WebOct 30, 2024 · For the Bitcoin network to achieve this without a third party, somebody must use their computational power to solve a cryptographic algorithm, otherwise known as Proof of Work. Once this is achieved, not only is the transaction marked as valid, but it is also posted to the public blockchain for everybody to view.
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