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Proof-of-Work (PoW) in Blockchain Explained | CryptoVantage
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The proof-of-work blockchain consensus mechanism has gained much traction owing to its importance in the running of Bitcoin. Today, Jenn covers what is unique about the proof-of-work blockchain consensus mechanism, how PoW works, and why Bitcoin chose it.
RESOURCES:
JUMP TO A SECTION:
00:00 Introduction
00:35 Consensus Mechanism
01:11 Proof-of-Work Mechanism
02:05 The Benefits of Proof-of-Work
03:02 Cryptocurrency and Energy Consumption
03:25 Conclusion
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*Some links provided are affiliated.
ABOUT CRYPTOVANTAGE:
Our team at CryptoVantage lives and breathes cryptocurrency. We’re always looking for more ways to incorporate crypto into our daily lives. We’ve harnessed that passion for cryptocurrency into creating a comprehensive resource for anyone looking to learn more about cryptocurrency. It helps that we’ve used pretty much every cryptocurrency-related product on the market (and a few that aren’t).
On our YouTube channel, you’ll find simple walkthroughs to setting up your very first cryptocurrency wallet or actually buying your first Bitcoin, to beginners guides and reviews for the latest wallets, exchanges and altcoins.
FOLLOW US ELSEWHERE:
#bitcoin #cryptocurrency #finance
RESOURCES:
JUMP TO A SECTION:
00:00 Introduction
00:35 Consensus Mechanism
01:11 Proof-of-Work Mechanism
02:05 The Benefits of Proof-of-Work
03:02 Cryptocurrency and Energy Consumption
03:25 Conclusion
WATCH MORE
Coinbase (Receive a $5 Bitcoin sign-up bonus when you deposit & trade $100 worth of crypto)
Kraken (A globally trusted exchange that offers 50+ cryptocurrencies. Sign up today and trade within minutes)
Robinhood (A great one-stop shop for anyone looking to invest in cryptocurrency or stocks)
Wealthsimple (Receive a $50 bonus when you open a Wealthsimple trade/crypto account and deposit and trade at least $150 (Canadians only))
Blockfi (Get up to $250 in Bitcoin for funding an account and earn up to 9% APY on your crypto)
Coinsmart (A great option for Canadians to easily buy and sell crypto)
Gemini (A simple and secure platform to build your crypto portfolio)
Uphold (Trade cryptocurrencies, precious metals, U.S. equities and national currencies)
*Some links provided are affiliated.
ABOUT CRYPTOVANTAGE:
Our team at CryptoVantage lives and breathes cryptocurrency. We’re always looking for more ways to incorporate crypto into our daily lives. We’ve harnessed that passion for cryptocurrency into creating a comprehensive resource for anyone looking to learn more about cryptocurrency. It helps that we’ve used pretty much every cryptocurrency-related product on the market (and a few that aren’t).
On our YouTube channel, you’ll find simple walkthroughs to setting up your very first cryptocurrency wallet or actually buying your first Bitcoin, to beginners guides and reviews for the latest wallets, exchanges and altcoins.
FOLLOW US ELSEWHERE:
#bitcoin #cryptocurrency #finance
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