Bitcoin builds the blockchain with a consensus mechanism called Proof-of-Work (PoW). The primary purpose of PoW is to implement a distributed timestamp server, which consists of a network of nodes competing and agreeing with each...
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The full content of this chapter is available in the two-volume book:
Bit & Coin
Merging Digitality and Physicality
Volume I: Digital Humanity’s Truth Layer - The New Internet, its Authenticity Layer, and Applications
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Volume II: Bitcoin, Blockchain, and Beyond - Essays of Science, Economics, Law, Ethics, and Controversies Order on Amazon (coming soon)
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