What is Proof of Work? (Cryptocurrency Explanation)

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  • Опубліковано 14 тра 2024
  • 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...
    Explore More Whiteboard Crypto:
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    Website: www.whiteboardcrypto.com

КОМЕНТАРІ • 181

  • @SidTheBot
    @SidTheBot 2 роки тому +254

    My left ear is full of 'Proof of Work'

    • @WhiteboardCrypto
      @WhiteboardCrypto  2 роки тому +24

      if you watch our staking video your left ear will be overflowing

    • @mattperry4138
      @mattperry4138 2 роки тому +8

      @@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?

    • @daveteo6070
      @daveteo6070 2 роки тому +1

      @@WhiteboardCrypto your video has audio issues. audio is only coming off the left side.

    • @MissThangOnline
      @MissThangOnline 2 роки тому +2

      @@WhiteboardCrypto LMAO. Great video nonetheless. I salute your efforts.

    • @crackills1
      @crackills1 2 роки тому +4

      @@mattperry4138 haha frrr. i thought my R earbud had broke

  • @ReverseJP
    @ReverseJP 2 роки тому +189

    Nice content! My Left ear are happy to learn this much of crypto in so high quality video.

    • @Fluffles87
      @Fluffles87 2 роки тому +18

      LOL I was looking for this exact comment. My left ear is now super informed on proof of work

    • @rishavkumar9307
      @rishavkumar9307 2 роки тому +2

      @@Fluffles87 Me too!
      😂😂😂

    • @NemoProfits
      @NemoProfits 2 роки тому

      😂😂😂😂😂

    • @canaldocropbytes6415
      @canaldocropbytes6415 Рік тому +4

      I thought my phone was broken 🤣

    • @avnav4004
      @avnav4004 Рік тому

      @@canaldocropbytes6415 metooooooooo

  • @fatemehrajabi2775
    @fatemehrajabi2775 Рік тому +2

    I love your work. Thanks a lot. everything is explained in the simplest way possible.

  • @Jam-ht2ky
    @Jam-ht2ky Рік тому +1

    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

  • @nimietyskookumlucre6702
    @nimietyskookumlucre6702 2 роки тому +1

    champs study the basics tirelessly...thanks

  • @wealthconfessions
    @wealthconfessions 2 роки тому +1

    Thank you for this breakdown.

  • @rj-ye1il
    @rj-ye1il 2 роки тому +1

    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!

  • @Random_Clips_Shorts
    @Random_Clips_Shorts 2 роки тому +3

    Great video brooo👍👍
    Keep it up

  • @popelee6130
    @popelee6130 2 роки тому +4

    Amazing Video, keep it up, this channel is going places!

  • @imyourteacher1017
    @imyourteacher1017 2 роки тому +4

    It would be cool to get your shorted notes or transcript pdf for each video explainer.

  • @gracewilliams3333
    @gracewilliams3333 2 роки тому +23

    Thank you, have been watching your channel for couple of weeks ago and it's really make sense and it really help me through..

    • @amelialily9892
      @amelialily9892 2 роки тому

      I recommended a professional broker to you guys sometime ago,can i get person who invested with her
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    • @elizabethava2438
      @elizabethava2438 2 роки тому

      Hello thanks for introducing her to us i actually did the trade with a loan from my friend and now with the profits i payed up and now am happy and comfortable

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      @Christopher-fd4ge 2 роки тому

      Who made profits for you, am really looking for a pro who can manage my account and make me huge profits

    • @faithbremen8376
      @faithbremen8376 2 роки тому

      @Kimberly Williams She's expert Mrs Cynthia Donald of the best and trustworthy broker ever

    • @marktimothy9607
      @marktimothy9607 2 роки тому

      @@faithbremen8376 Wow I'm just shocked you mentioned and recommended expert Mrs Cynthia Donald, I thought people don't know her... she's really awesome!

  • @KeyserTheRedBeard
    @KeyserTheRedBeard 3 роки тому +13

    cool content Whiteboard Crypto. I broke that thumbs up on your video. Maintain up the very good work.

  • @depressedforsuccess4552
    @depressedforsuccess4552 Рік тому

    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!

  • @moonman239
    @moonman239 7 місяців тому +1

    How is it decided which block a transaction gets added to?

  • @eddieduchatelier3265
    @eddieduchatelier3265 2 роки тому

    Great video! Thanks for the lesson

  • @shashankke250
    @shashankke250 2 роки тому +5

    Awesome man, thank you for making it simple

  • @user-ys5zt8di8r
    @user-ys5zt8di8r 5 місяців тому +1

    What an awesome work! Great job ❤

  • @mypussiehurts
    @mypussiehurts 2 роки тому +1

    underrated video bro, keep it up. Hitting the subscribe button.

  • @dLzzzgaming
    @dLzzzgaming 2 роки тому +2

    My left ear liked this video!

  • @liquidsnake72chaos
    @liquidsnake72chaos 2 роки тому +14

    Why is your audio only coming from left?

    • @Jbuckkz
      @Jbuckkz 2 місяці тому

      thought I was going crazy

  • @animecrazyluv
    @animecrazyluv Рік тому

    Is there a way to reorder the play list? I came to this one from the beginning of the staking video.

  • @MightyAngel-77
    @MightyAngel-77 2 місяці тому

    fantastic explanation

  • @qayotee
    @qayotee Рік тому +1

    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.

  • @monikarosa2895
    @monikarosa2895 21 день тому

    Thank you so much 🎉

  • @david917654321
    @david917654321 2 роки тому

    Nice content! May request you to make a video to explain what Bitcoin miner/ validated is ? How could that work ?

  • @antonarriaga5047
    @antonarriaga5047 2 роки тому

    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...

  • @XamaL1
    @XamaL1 Рік тому

    Great video!

  • @SHARMATUSHAR1_
    @SHARMATUSHAR1_ 19 днів тому

    I wasted 20 minutes resetting my headphones and reading forums thinking there was an issue.

  • @Era3TV
    @Era3TV 10 місяців тому +1

    Do you have a specific Bitcoin vid?

  • @arhamkhawar4240
    @arhamkhawar4240 Рік тому +3

    My left ear fully understood the proof of work

  • @williams.7314
    @williams.7314 Рік тому +3

    My right ear hates this video.

  • @agulite5676
    @agulite5676 2 роки тому

    Nice content

  • @jonathanlivingston7358
    @jonathanlivingston7358 Рік тому +1

    But who creates the password of the block for the miners to be found?

  • @11fasteddie
    @11fasteddie 2 роки тому +12

    Excellent,,, wished you'll sloooowwww down a bit... can you do that.... thanks !

  • @xxlwsxx
    @xxlwsxx 2 роки тому +2

    Given the increasing computational power needed, does it meant POW will eventually be accessible to fewer entities with huge resources on hand ?

    • @financialchimes4546
      @financialchimes4546 2 роки тому +3

      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.

    • @mordinsolus9414
      @mordinsolus9414 Рік тому

      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.

  • @machashanker6407
    @machashanker6407 2 роки тому

    Which Software Used to design Animation?

  • @Berbatovsen9
    @Berbatovsen9 2 роки тому

    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?

  • @andrejgono2937
    @andrejgono2937 2 роки тому +2

    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.

  • @6magicman
    @6magicman 2 роки тому +1

    Can you please do one of cosmos

  • @zawatshi9291
    @zawatshi9291 2 роки тому

    nice vid💖

  • @kissempire
    @kissempire 2 роки тому

    Thanks :)

  • @sumitgodhani20
    @sumitgodhani20 2 роки тому +1

    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? 🤔

  • @SheetFiber
    @SheetFiber 2 роки тому +1

    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.

  • @kmnchrs6961
    @kmnchrs6961 3 роки тому +2

    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.

    • @WhiteboardCrypto
      @WhiteboardCrypto  3 роки тому +5

      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! :)

    • @kmnchrs6961
      @kmnchrs6961 3 роки тому +2

      @@WhiteboardCrypto Thanks for the clarification.

  • @julianredding-mcfadden86
    @julianredding-mcfadden86 2 роки тому

    you said every crypto project is blockhain based, I thought there were other distributed ledger technologies such as DAGs..?

  • @junioralamu7438
    @junioralamu7438 Рік тому

    So how exactly does that stop double spending?

  • @tempdeltavalue
    @tempdeltavalue 2 роки тому +3

    video doesn't give any answers what is proof of work and how It works.

  • @rippl3
    @rippl3 Рік тому +1

    there is no sound on this video @whiteboard crypto

  • @huuhaunguyen3630
    @huuhaunguyen3630 2 роки тому

    Awesome

  • @korinzu956
    @korinzu956 2 роки тому +11

    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.

    • @thepandaahbear9025
      @thepandaahbear9025 2 роки тому +1

      The problem with energy here is that it’s also required in significant amounts for every transaction

    • @korinzu956
      @korinzu956 2 роки тому

      @@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?

  • @pariss1445
    @pariss1445 2 роки тому +1

    Up to 100 transactions? No, many more than that fit into a bitcoin block, closer to 2,500 transactions.

  • @Tiktokshopsecrets
    @Tiktokshopsecrets Рік тому +1

    bro i thought my headphones were messed up

  • @kashwalton-tewes4624
    @kashwalton-tewes4624 2 роки тому

    Where does the bitcoin that the “miners” earn from mining come from? and why do they have to mine/validate it at all?

  • @Dilandau88
    @Dilandau88 Рік тому +1

    The energy consumption is what makes
    BTC so secure and unhackable.

  • @kalyanreddy953
    @kalyanreddy953 2 роки тому +2

    No audio..

  • @305_Satoshis
    @305_Satoshis 7 місяців тому

    Mining gold & banking buildings must be great for the environment

  • @ongoinghern2608
    @ongoinghern2608 8 місяців тому

    how to code a cloud mier?

  • @BlackLights5
    @BlackLights5 2 роки тому

    Many thanks for great information, but far too fast audio presentation. Please leave a gap between sentences. (0.75 playback speed is not great).

  • @user-yx3mc7dq3u
    @user-yx3mc7dq3u 9 місяців тому

    nice

  • @wimpysk
    @wimpysk 2 роки тому

    what happens if no one mines ?

  • @himanshupoptani7281
    @himanshupoptani7281 2 роки тому

    Please guys make a video on POH

  • @JackY618
    @JackY618 2 роки тому

    Proof of work still better for the next 10 year?

  • @darkprince2703
    @darkprince2703 2 роки тому

    Headphone audio output is not audible for right side

  • @anurajbasnet1659
    @anurajbasnet1659 2 роки тому +1

    Why does this video play only on left side of earphone😝

  • @joegonzalez6241
    @joegonzalez6241 6 місяців тому +1

    ai wrote me a crytpo currency program with proof of work wallet and mining software to go with the program

  • @VantaBlackSheep
    @VantaBlackSheep 2 роки тому

    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.

  • @foreverraining1522
    @foreverraining1522 2 роки тому +1

    What happened to the right ear??!

  • @toxiciq2664
    @toxiciq2664 2 роки тому +1

    Bro the Audio tho😭

  • @tomip85
    @tomip85 Рік тому

    Best is proof of burn and best for this is Satozhi

  • @IlCambiamentoInAtto
    @IlCambiamentoInAtto 2 роки тому

    you scale bitcoin with layers 2

  • @ethanfishell1930
    @ethanfishell1930 Рік тому

    why is it always Bob and Alice? This is the 3rd video I've seen where they use those names.

  • @thureintun1687
    @thureintun1687 2 роки тому

    can you please tell me what is the animal in your profile is?

  • @chukwukaosakwe3646
    @chukwukaosakwe3646 2 роки тому +3

    My right ear has done no work. 🙁

  • @MrVara411
    @MrVara411 2 роки тому

    *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)

    • @_iamoracle
      @_iamoracle Рік тому

      It will cost trillions of dollars and will be quickly identified.

  • @John-ge2ne
    @John-ge2ne 2 роки тому

    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.

    • @sahilsharma1506
      @sahilsharma1506 Рік тому

      gr8 explanation thanks man

    • @preenxus3425
      @preenxus3425 10 місяців тому

      No, double spending it's not doubling token. It is retransfer or cancel transaction!

  • @marystarliper1550
    @marystarliper1550 Рік тому +5

    Nice video. A sturdy foundation ensures overall success and this is what having a mentor brings. Engaging the services of a proven broker accelerates your crypto trading career positively. Unnecessary losses are avoided and you gain a better understanding of how to take advantage of both the Bull and Bear markets. Never claim to know - Ask questions and it's best you work with a financial advisor. I made it as a newbie by working with Rodney Leflore and today I can show alot of my achievements. Join a seasoned broker today for trading tips and tricks and make gains using your mentor's trading signals.

    • @staceynicotera6402
      @staceynicotera6402 Рік тому

      l agree with you. In my own experience, I have come to realize it's risky and not profitable to hold coins while waiting for the Bull Run. Trading btc and alt has become a lucrative way of making money

    • @eastonkeith9449
      @eastonkeith9449 Рік тому

      I have seen a lot of content about Rodney Leflore and how investors were able to double their earnings, this should create more awareness for newbies.

    • @terrywills4248
      @terrywills4248 Рік тому

      @Dorothy Davies It's not about going short but doing it with the right info. Get help from Rodney Leflore the professional trader.

    • @angelagerbrandt8228
      @angelagerbrandt8228 Рік тому

      @Dorothy Davies Rodney taught me how to trade and recommended some good exchange with lesser fees. so yes if you are in for gains not just holding, I'd highly recommend Rodney Leflore for advise and guidance.

    • @gracemerlyn1465
      @gracemerlyn1465 Рік тому

      @@angelagerbrandt8228 I want to reach out to him, where do I look ?

  • @bryanmarkovich1141
    @bryanmarkovich1141 2 роки тому

    Please fix the mono audio

  • @egodevelopment4244
    @egodevelopment4244 2 роки тому

    I wish videos like this exist for my life, like REAL Life hacks, not arts and craft hacks

  • @mekkafly
    @mekkafly 2 роки тому

    NUCLEAR ENERGY‼️

  • @Reotha
    @Reotha Рік тому

    inability to scale lol. The Base layer is there to stay.

  • @TheoFreddie
    @TheoFreddie Рік тому +1

    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.

  • @PhatLvis
    @PhatLvis Місяць тому

    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.

  • @plumrains5010
    @plumrains5010 2 роки тому

    what happened to tthe right ear?

  • @markclemmens2862
    @markclemmens2862 2 роки тому

    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.

  • @martinrichards2275
    @martinrichards2275 2 роки тому +3

    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....

    • @korudero
      @korudero 2 роки тому +1

      feel free to change speed to .75 in the settings

  • @305_Satoshis
    @305_Satoshis 7 місяців тому

    Wasting your resources is not a punishment?

  • @mrin0
    @mrin0 9 місяців тому +1

    !

  • @BookofYAH777
    @BookofYAH777 Рік тому +1

    please make a new video where you put the audio in both ears. I can't watch it otherwise

  • @lokeshagrawal318
    @lokeshagrawal318 Рік тому

    Bruh that guessing about password thing is soo wrong. WTF!

  • @DaoSeeker
    @DaoSeeker 2 роки тому +1

    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?

  • @anthnioncamaroti6653
    @anthnioncamaroti6653 2 роки тому

    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.

    • @anitaehimare2156
      @anitaehimare2156 2 роки тому

      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...

    • @anthnioncamaroti6653
      @anthnioncamaroti6653 2 роки тому

      @@anitaehimare2156 He has a good number of tradable instruments, cypto currencies included, great assets, profitable plans and very responsive with a good reputation wish I admired most, i was only able to reach him by seaching via his name online or web

    • @clarotchinenies4374
      @clarotchinenies4374 2 роки тому

      @@anthnioncamaroti6653 I gained more knowledge and understanding of trading with BRYAN ANTHONY DECKER strategy. I increased my portfolio from 1.7 BTC to 2.35 B

  • @mareksaltberg1484
    @mareksaltberg1484 Рік тому

    More energy is used by banking sector, porn industry and dishwashers than BTC.

  • @chriswalsh3814
    @chriswalsh3814 3 роки тому +3

    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

    • @WhiteboardCrypto
      @WhiteboardCrypto  3 роки тому +2

      You can email us at whiteboardcryptoteam@gmail.com, thanks for watching :)
      -T

    • @chriswalsh3814
      @chriswalsh3814 3 роки тому +1

      @@WhiteboardCrypto great. Just to confirm, you create all these videos yourself?

    • @WhiteboardCrypto
      @WhiteboardCrypto  3 роки тому +2

      Yep it takes some time but they are high-quality

    • @chriswalsh3814
      @chriswalsh3814 3 роки тому +2

      @@WhiteboardCrypto perfect. I will chat with the team tomorrow and will send an email with more information.

  • @rhyboy1
    @rhyboy1 2 роки тому

    i actually cant watch when its onyly one ear... it wigs me out too much

  • @DecentralisedFinance
    @DecentralisedFinance 8 місяців тому

    Not punished? What if protocol rewires the software around their hardware? They stand with billions of $ worth useless ASIC hardware

  • @vonmaschine3454
    @vonmaschine3454 Рік тому

    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".

  • @Krambo19
    @Krambo19 Рік тому

    This video is outdated now, with Kadena. Infinitely scalable

  • @WanderingAroundAZ
    @WanderingAroundAZ 2 роки тому

    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?

  • @samueledyme
    @samueledyme Рік тому

    Slow tf down 😩

  • @antoni2nguyen
    @antoni2nguyen Рік тому

    You explained nothing!