January 2019
Beginner to intermediate
372 pages
11h 17m
English
Content preview from Foundations of Blockchain
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Evolution of the consensus algorithm
We have come across Bitcoin's Proof of Work (PoW) consensus algorithm in several sections of this book. The PoW algorithm is the backbone of the decentralized networking protocol. Although Bitcoin's consensus algorithm has been proven to be effective to achieve consensus in a trustless network, it is still not very efficient in terms of cost due to the computational resources spent during the mining process.
A number of alternative consensus algorithms have been developed and implemented to attain the same amount of confidence in decentralization without incurring too much expense.
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