What is Proof of Work? (Cryptocurrency Explanation)
2024 ж. 19 Мам.
231 640 Рет қаралды
What is Proof of Work in cryptocurrencies? Proof of Work can be really confusing, but it's just a way for a bunch of people to compete in a blockchain. The winner gets a mining reward and to add the next block. Proof of Work is the first and most commonly used consensus model - its used by Bitcoin!
Learn more about PoS (Proof of Stake):
• What is Staking in Cry...
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My left ear is full of 'Proof of Work'
if you watch our staking video your left ear will be overflowing
@@WhiteboardCrypto Wait but seriously this is driving me nuts to the point where I can’t even watch the video. Why do your videos only play out the left headphone? Am I just dumb?
@@WhiteboardCrypto your video has audio issues. audio is only coming off the left side.
@@WhiteboardCrypto LMAO. Great video nonetheless. I salute your efforts.
@@mattperry4138 haha frrr. i thought my R earbud had broke
Nice content! My Left ear are happy to learn this much of crypto in so high quality video.
LOL I was looking for this exact comment. My left ear is now super informed on proof of work
@@Fluffles87 Me too! 😂😂😂
😂😂😂😂😂
I thought my phone was broken 🤣
@@canaldocropbytes6415 metooooooooo
I love your work. Thanks a lot. everything is explained in the simplest way possible.
love your videos. Thank you for producing such a high quality videos and still keeping it somehow simple and easily understandable. I read the whole Ethereum documentation and your videos are still very helpful watch
champs study the basics tirelessly...thanks
Hi I love all your vids but wanted to know: Are some videos deleted? I can’t find some of the videos you reference throughout the channel, but you’ve been teaching me a lot so I want to watch them all!
Thank you for this breakdown.
How is it decided which block a transaction gets added to?
It would be cool to get your shorted notes or transcript pdf for each video explainer.
Great video brooo👍👍 Keep it up
Why is your audio only coming from left?
thought I was going crazy
My left ear liked this video!
Your content is awesome! Kindly cover the whole concept in a single video dont recommend another video for full understanding or maybe make videos in sequence so that we develope concept regarding current video Thanks!
Amazing Video, keep it up, this channel is going places!
Thank you! That's our plan :)
What an awesome work! Great job ❤
fantastic explanation
Thank you, have been watching your channel for couple of weeks ago and it's really make sense and it really help me through..
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You need to dig deeper regarding the “drawbacks” like more efficient asics, tapping into unused energy sources, grid stabilization, faulty energy consumption reports etc. And regarding scalability, please look at lightning network which solves the scalability. Bitcoin is built in layers exactly like the internet is.
Thank you so much 🎉
Nice content! May request you to make a video to explain what Bitcoin miner/ validated is ? How could that work ?
I wasted 20 minutes resetting my headphones and reading forums thinking there was an issue.
cool content Whiteboard Crypto. I broke that thumbs up on your video. Maintain up the very good work.
Thanks, will do! -N
Great video! Thanks for the lesson
☝️For Suggestions☝️❣️.
underrated video bro, keep it up. Hitting the subscribe button.
Thanks for the sub man!
Excellent,,, wished you'll sloooowwww down a bit... can you do that.... thanks !
....it's a video,pause and go back
Just slow down your playback speed...
Pls slow the playback speed
Great video!
Awesome man, thank you for making it simple
☝️For Suggestions☝️❣️.
Do you have a specific Bitcoin vid?
My left ear fully understood the proof of work
Hi I saw the other day someone on Twitter mentioning that cardano's last 10 blocks were almost 100% full... I want to know what does it mean...
Is there a way to reorder the play list? I came to this one from the beginning of the staking video.
My right ear hates this video.
Nice content
Given the increasing computational power needed, does it meant POW will eventually be accessible to fewer entities with huge resources on hand ?
Most miners combine their computing power into mining pools. So combined they have a higher chance of mining the block. The reward than get's distributed over the complete pool based on how much computing power each miner added to the pool. This way miners trade in a small chance to get a big reward for a steady flow of small rewards.
It's already gone overrun. Most mining is done in Russia and other countries where energy is cheap and oligarchs have invested millions of dollars creating gargantuan mining data-centers and they take all the profit from mining. The whole crypto mining thing is done. This will eventually be the space of only the ultra rich taking all the business for themselves, just like everything else in the world.
video doesn't give any answers what is proof of work and how It works.
I still don't understand how it decides which transactions are being added to each block? Is it added to a block after its hash key has been solved? How is it deciding where to put the transactions in the chain? Is there only a single chain or are there subchains in the network?
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you said every crypto project is blockhain based, I thought there were other distributed ledger technologies such as DAGs..?
PoW has a penalty too. The burned energy is the penalty, so you won't cheat, because you will burn a lot of energy/money and you won't get nothing. Even if you could mine new block with fake transactions, other nodes will automatically ignore it. You tried to cheat, burned a lot of money to mine new block and get nothing. PoW is great and strong consensus model and PoS is not better.
Can you please do one of cosmos
Why you need to adjust the fee? Is there someone out there responsible picking a transaction to be validated? I thought blockchain is all machine and algorithm, no human involved.
But who creates the password of the block for the miners to be found?
Which Software Used to design Animation?
Thanks :)
Awesome
Where does the bitcoin that the “miners” earn from mining come from? and why do they have to mine/validate it at all?
Up to 100 transactions? No, many more than that fit into a bitcoin block, closer to 2,500 transactions.
So, PoW is done when any one system/computer confirms or solve the equation of transactions or whole network works as a whole single system? 🤔
Yes
Good video but the 3 problems are trash and you could’ve explained how they are being solved on the bitcoin blockchain. 1. Energy consumption is required to create value - how much energy do you think they use when they print money? Also as you stated the high energy consumption is pushing miners toward renewables, so you could say that bitcoin is actually pushing the world towards renewables. 2. The scalability is solved with Lightning on the second layer of bitcoin , the same as video on top of the internet base layer protocol. The base protocol for the internet tcpip is slow and clunky like the base layer of bitcoin but with a layer 2 you can add features such as high speed video streaming or in the case of bitcoin, instant, free payments. 3. Why do miners need to be punished when the nodes control the network, not the miners. How would miners even do have malice intent? Like you said they get disregarded by other miners and nodes if they do anything or go offline. Even after the block size war and the China mining ban, nothing happened. I think your 3rd point is completely random and doesn’t make any sense. Other than that, the content was great and I enjoyed your explanation of proof of work, which is far superior to proof of stake. Proof of stake means only rich people can run nodes because there is such high computing power needed to maintain the ledger, thus, centralising the consensus. Proof of work and a slow base layer means any man and his dog can run a full node and validate transactions, creating far better decentralisation.
The problem with energy here is that it’s also required in significant amounts for every transaction
@@thepandaahbear9025 I agree. The second layer Lightning network solves this, you don’t need your morning coffee on the blockchain but maybe a purchase of realestate right?
nice vid💖
Great video! I understood it very well. Side note, it seems the sound is only coming out of one ear (left) when watching this video with earphones on, so I don't know if it's something that's controlled on your side because I tried using 2 phones and 1 laptop as well but it doesn't change anything. My earphones are functional by the way.
Thank you for the comment Chris! You are correct, our first 3 videos(NFT, Staking, and PoW) had it where audio only played out of 1 speaker. We didn't notice until the 4th video and then started correcting the videos from there on. Sorry you had this problem and future videos from here on out should be good for you! :)
@@WhiteboardCrypto Thanks for the clarification.
Mining gold & banking buildings must be great for the environment
So how exactly does that stop double spending?
there is no sound on this video @whiteboard crypto
nice
No audio..
bro i thought my headphones were messed up
how to code a cloud mier?
The energy consumption is what makes BTC so secure and unhackable.
Many thanks for great information, but far too fast audio presentation. Please leave a gap between sentences. (0.75 playback speed is not great).
Please guys make a video on POH
what happens if no one mines ?
Bro the Audio tho😭
Proof of work still better for the next 10 year?
Headphone audio output is not audible for right side
why is it always Bob and Alice? This is the 3rd video I've seen where they use those names.
can you please tell me what is the animal in your profile is?
ai wrote me a crytpo currency program with proof of work wallet and mining software to go with the program
You need to clarify this thing on Bitcoin mining energy usage. It’s better for our planet. So much energy is made and literally wasted.
Best is proof of burn and best for this is Satozhi
My right ear has done no work. 🙁
What happened to the right ear??!
I'm glad i invested with Mrs Harriet, I was finally able to pay off all the loans I took last year, she truly is a lifesaver.
Why does this video play only on left side of earphone😝
you scale bitcoin with layers 2
*QUESTION:* what's to stop a government like the U.S. or China from hijacking the network by investing in the computing power to obtain 51% of the network's power? (Referring to 6:02)
It will cost trillions of dollars and will be quickly identified.
If a viewer were not familiar with the word "consensus," it's doubtful he'd be able even to turn on his computer, let alone be the sort of chap who searches the internet for information on distributed ledgers. The presenter seems to think it's an uncommon or difficult word. Somehow, though, he manages to use "comprise" properly - a rare occurrence these days.
Double spending is when Alice pays Bob 10 dollars and then Bob resubmits Alice's message to pay him 10 dollars to get another 10 dollars from Alice. And this double spending is prevented because of the digital signature hash that Alice created with her private key.
gr8 explanation thanks man
No, double spending it's not doubling token. It is retransfer or cancel transaction!
Can you talk any faster?? The content is great, but your videos would be far easier to follow if you took a few breaths and slowed down a bit....
feel free to change speed to .75 in the settings
what happened to tthe right ear?
I wish videos like this exist for my life, like REAL Life hacks, not arts and craft hacks
Energy consumption is good thing. Bitcoin mining is one of the the most efficient, lucerative uses of energy of anything in existence. This not only drives bitcoin itself but also drives innovation and improvement in energy itself via miner competition. As humans we want to consume as much energy as possible as efficiently as possible. Energy = progress.
Skibidi toilet is so sigma grimace shake
NUCLEAR ENERGY‼️
inability to scale lol. The Base layer is there to stay.
!
Please fix the mono audio
Wasting your resources is not a punishment?
please make a new video where you put the audio in both ears. I can't watch it otherwise
You lose me at the password guessing part. Why does this need to be done, what is the point? Why set a hash password only to get miners to guess it?
More energy is used by banking sector, porn industry and dishwashers than BTC.
Bruh that guessing about password thing is soo wrong. WTF!
Not punished? What if protocol rewires the software around their hardware? They stand with billions of $ worth useless ASIC hardware
what for?@@_Whiteboard-crypto_privatemsg
I totally agree with what you are saying. I started in crypto in August 2017, and I bought in. I was up 5x by December only to watch that disappear quickly and then watch the original investment go down by about 85% during the ensuing 4 year bear market. I took the opportunity to accumulate more over the last 4 years which was hard to do and at the same time a smart thing to do.
I also wish I had bought more. I am in profit for now but I am planning on using my experience and what i have learnt from BRYAN ANTHONY DECKER. I have learned from you and other Youtubrs especially my mentor BRYAN ANTHONY DECKER. who taught me how to make trade and increase my crypto from 11 to 27btc that no one really knows what is going to happen and I know you are only saying what you think will happen based on the past. It is yours and my opinion so people should make their own investment choices based on their own research...
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i actually cant watch when its onyly one ear... it wigs me out too much
Put on a good show until he started quoting the BBC, lol. Bitcoin uses far less energy than fiat money system, and has a lot of so-called "green energy".
This video is outdated now, with Kadena. Infinitely scalable
Hello! I work for a crypto news and information company. We are very interested in working with you, we love your style of videos. Do you have an email we can contact you through? Thanks, Chris
You can email us at whiteboardcryptoteam@gmail.com, thanks for watching :) -T
@@WhiteboardCrypto great. Just to confirm, you create all these videos yourself?
Yep it takes some time but they are high-quality
@@WhiteboardCrypto perfect. I will chat with the team tomorrow and will send an email with more information.
So, it’s horrible for the environment and can cost you a 200% fee to send your money. And this isn’t a Ponzi scheme how?
Slow tf down 😩