Blockdemic Lab

Opinion/News/Deep-Dives on the Future of Money and the Internet

Bitcoin, Proof-of-Work, Consensus Algorithms

What are consensus algorithms?: Bitcoin and Proof-of-Work


All existing cryptocurrencies are secured by sets of rules called consensus algorithms. Bitcoin, the network which started it all, uses a consensus algorithm called “proof-of-work” to tell its users(nodes) how to determine which bitcoin transactions are accurate and should be recorded on its blockchain. What is mining? (The Proof-of-Work Process) The proof-of-work process is often …