The Proof-of-Work Evolution – Bitcoints

bitcoin

Published on July 19th, 2015 | by bitcoin

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The Proof-of-Work Evolution

It allows network nodes to reach consensus on which version of the blockchain should be considered correct.
However, since Satoshi implemented it in Bitcoin, a great number of new algorithms have been created, giving birth to numerous cryptocurrencies.
But the arguments provided by supporters of the ‘ASIC-resistant’ functions are rational.
”Patterson explains sophisticated terms and tendencies in a clear and witty manner.
The article covers in layman’s language the exact algorithms of a number of popular cryptocurrencies, such as scrypt, X11, Momentum, Primecoin’s prime numbers, CryptoNight and others.
However, it seems that the market is still mostly following its pioneer, Bitcoin, in the arms race for the hash rate.

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