Analogical to a Byzantine general scenario wherein a number of armies intending to attack an enemy fort need to reach a consensus of day/time to attack, this video explains how Bitcoin nodes attain consensus vide the Proof-of-work method on the same lines. This video builds up from brief history from David Chaum and Adam Bach works onwards to Wei Dai works on Blind signatures, Hash Cash and Proof-of-Work to understand concept of nonce and consensus mechanism in a Bitcoin Blockchain. Further this video brings out the reward mechanics in the Bitcoin eco-system and also Mining methods and types
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1 month ago