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The consensus mechanism Satoshi Nakamoto designed for Bitcoin, where the longest chain with the most accumulated proof-of-work is considered the valid chain.
Definition
The consensus mechanism Satoshi Nakamoto designed for Bitcoin, where the longest chain with the most accumulated proof-of-work is considered the valid chain. Miners compete to solve puzzles, and the network follows the chain that has had the most computational work invested. Simple, elegant, and battle-tested for over 15 years.
Related Terms
A consensus mechanism where miners solve computational puzzles to create blocks and earn rewards.
Using computational power to validate transactions and create new blocks on proof-of-work blockchains.
The method a blockchain uses to agree on which transactions are valid and in what order.
Application Binary Interface.
A way to make crypto wallets behave more like normal apps by turning every account into a smart contract.
The Ethereum standard for account abstraction without changing the core protocol.
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