Antlia

Overview of Blockchain Technology Since the Blockchain network is a decentralized network, an inherent challenge of validation arises. For any block to be added in a blockchain, it has to undergo validation. Blockchain is like a database containing valuable information, therefore, it becomes imperative for all the nodes to make sure they have the most updated and verified copy of it. Part of what makes Blockchain technology so popular is its robust security and validation. The mechanism through which the blocks are verified and made secure is called a consensus algorithm. Providing a method for every new block in a blockchain to be the only true version that is agreed upon by all the nodes. Different protocols and rules exist in the consensus agreement which provides trust for unknown nodes to agree upon the present state of the distributed ledger. Essentially, consensus algorithms provide a criterion for all the nodes to agree upon a common validation process. Types of Consensus Algor...

What is Proof of Work (PoW) ? The term “proof of work” was coined by Markus Jakobsson and Ari Juels in 1999. It's relevant to bitcoin. Proof of work is a protocol which is designed for secure digital transactions without any interference of 3rd parties. This work is based on previous puzzle solutions. Proof of work may be a method of  authenticating the current and past transitions. Basically this work is used in solving the puzzle generating rewards for whoever solves it called mining. Simply this is an algorithm that is designed to authenticate transactions and obtain new blocks added into blockchain. In Proof of work, miners are competing or fighting to solve a mathematical puzzle which will generate the new block then get the rewards as a bitcoins. Benefits of Proof of Work Proof of work reduces the risk of 51% attack because it is very difficult to do work. The whole bitcoin network cannot be controlled by single handedly based on the Hashcash Proof of work system. The miner n...