The proof-of-work concept was the original innovative idea that allowed decentralized cryptocurrencies to emerge. It allows network nodes to reach consensus on which version of the blockchain should be considered correct. However, since Satoshi implemented it in Bitcoin, a great number of new algorithms have been created, giving birth to numerous cryptocurrencies.
The brief history of all popular proof-of-work algorithms and their peculiarities was covered in the recent Bytecoin blog post by Ray Patterson, titled […]
