Review Part 3 Online.io
Blockchain current and future evolution Each distributed system needs a consensus algorithm to validate transactions. Over the last few years the Proof-of-Work algorithm has dominated, not to say was the only one used. As the cryptocurrency ecosystem evolves — the race to create a better consensus algorithm began. The current year can become the year of competition between different mining algorithms / strategies. The following strategies are currently most widely known: Proof-of-work (PoW) - (Reference #2). Coins are distributed based on the work performed by the user to demonstrate his input on processing transactions and doing work for the whole infrastructure. This is the group of algorithms that provides slow calculation of some result and fast verification of this result. This helps to ensure that miners have to perform some complex computations on their hardware to find a block, but Blockchain network users that confirm this block don’t need to perform such comp...