Ethereum: Do you need work in bitcoin?
For cryptocurrencies, many people think that bitcoin and ethereum are the same. However, one of the most important differences between the two is their underlying technology and the mining process. In this article, we examine whether work-of-of-of-by (POW) is needed for bitcoin or whether there is any other consensus mechanism in the game.
What is proof of work?
Certificate of work is a consensual algorithm used to validate the blockchain network transactions. This requires miners to solve complex mathematical equations, rewarded with a newly beaten cryptocurrency. The process includes:
- Miningists collect and check the transactions on the blockchain.
- A unique digital signature is created for each transaction with complex mathematical calculations.
- Miners compete in the solution of a puzzle that requires significant computing power and energy.
Why did the Proof of Work been introduced in Bitcoin?
In 2009, Satoshi Nakamoto, a pseudo-name creator of Bitcoin, introduced evidence of work to encourage miners to ensure the network. The main argument of POW is that:
- Creates trust : After solving the complex mathematical problems of miners, the network becomes safer and more reliable.
- Encourages innovation : The difficulty level of mining must be a challenge to attract miners from all over the world, which encourages innovation and improves the general security of the network.
Do you need Ethereum?
Although the work is a key element of the Bitcoin consensus mechanism, it is not necessary for Ethereum. In fact, Ethereum has accepted different consensus algorithm, the so -called
certification of the stake (pos) **.
What is the certificate of stake?
In POS, validators are chosen by creating new blocks based on the amount of cryptocurrency in their digital wallet. This process works as follows:
- Miningists collect and check the transactions on the blockchain.
- A unique digital signature is created for each transaction with complex mathematical calculations.
3.
Is Ethereum Pos -e more energy efficient?
One of the benefits of POS is that it requires significantly less energy for operation. It is estimated that Ethereum uses electricity about 50-60 Terawatta (TWH) per year, as opposed to Bitcoin 100-200 TWH. This makes Ethereum a more environmentally friendly option.
Conclusion
In summary, while work evidence was introduced in Bitcoin as a way of creating trust and encouraging innovation, it is not necessary for Ethereum. Ethereum has accepted a certificate of stake (POS) as a consensual algorithm, which offers many benefits compared to POW, including reduced energy consumption. As the cryptocurrency landscape develops further, it will be interesting to see how these various algorithms and their consequences for the general security and sustainability of networks are realized.
Sources:
- “Bitcoin mining” Coindesk
- “The Ethereum Theorem Consensus Algorithm” by Coinlegraph
- “By the Krypt Distance of Bitcoin and Ethereum”