What were the key consensus mechanisms for Bitcoin in 2018?

3 answers

• InsoyJul 07, 2024 · a year ago
  In 2018, Bitcoin primarily relied on the Proof of Work (PoW) consensus mechanism. PoW requires miners to solve complex mathematical puzzles to validate transactions and add them to the blockchain. This mechanism ensures that the network remains secure and resistant to attacks. It also promotes decentralization as anyone with sufficient computational power can participate in mining. However, PoW consumes a significant amount of energy and has scalability limitations.
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• Estelle YuanJun 11, 2022 · 3 years ago
  Bitcoin's consensus mechanism in 2018 was mainly Proof of Work (PoW). Miners compete to solve mathematical puzzles, and the first one to solve it gets to add the next block to the blockchain. This process ensures that transactions are verified and added to the blockchain in a decentralized manner. However, PoW has been criticized for its energy consumption and the potential for centralization due to the concentration of mining power in certain regions.
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• ludwig kJan 06, 2022 · 3 years ago
  In 2018, Bitcoin primarily used the Proof of Work (PoW) consensus mechanism. This mechanism requires miners to solve complex mathematical problems to validate transactions and secure the network. PoW has been the foundation of Bitcoin's security and decentralization since its inception. However, it has faced criticism for its energy consumption and the need for specialized mining hardware. Other consensus mechanisms, such as Proof of Stake (PoS), have been proposed as alternatives to address these concerns.
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