What is Proof of Work? (Cryptocurrency Explanation)
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- Опубліковано 28 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...
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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
Why is your audio only coming from left?
thought I was going crazy
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
Thank you for this breakdown.
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!
My left ear liked this video!
Great video brooo👍👍
Keep it up
Amazing Video, keep it up, this channel is going places!
Thank you! That's our plan :)
It would be cool to get your shorted notes or transcript pdf for each video explainer.
What an awesome work! Great job ❤
fantastic explanation
Great video! Thanks for the lesson
☝️For Suggestions☝️❣️.
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, 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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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!
Thank you so much 🎉
Do you have a specific Bitcoin vid?
I wasted 20 minutes resetting my headphones and reading forums thinking there was an issue.
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
cool content Whiteboard Crypto. I broke that thumbs up on your video. Maintain up the very good work.
Thanks, will do! -N
My right ear hates this video.
underrated video bro, keep it up. Hitting the subscribe button.
Thanks for the sub man!
How is it decided which block a transaction gets added to?
Is there a way to reorder the play list? I came to this one from the beginning of the staking video.
Great video!
Awesome man, thank you for making it simple
☝️For Suggestions☝️❣️.
My left ear fully understood the proof of work
Nice content! May request you to make a video to explain what Bitcoin miner/ validated is ? How could that work ?
Which Software Used to design Animation?
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.
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...
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.
Thanks :)
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?
video doesn't give any answers what is proof of work and how It works.
But who creates the password of the block for the miners to be found?
nice
Awesome
you said every crypto project is blockhain based, I thought there were other distributed ledger technologies such as DAGs..?
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
So how exactly does that stop double spending?
nice vid💖
Up to 100 transactions? No, many more than that fit into a bitcoin block, closer to 2,500 transactions.
My right ear has done no work. 🙁
there is no sound on this video @whiteboard crypto
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.
Where does the bitcoin that the “miners” earn from mining come from? and why do they have to mine/validate it at all?
Can you please do one of cosmos
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?
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.
bro i thought my headphones were messed up
No audio..
The energy consumption is what makes
BTC so secure and unhackable.
Bro the Audio tho😭
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what happens if no one mines ?
Mining gold & banking buildings must be great for the environment
Best is proof of burn and best for this is Satozhi
can you please tell me what is the animal in your profile is?
Many thanks for great information, but far too fast audio presentation. Please leave a gap between sentences. (0.75 playback speed is not great).
Why does this video play only on left side of earphone😝
Skibidi toilet is so sigma grimace shake
how to code a cloud mier?
Please guys make a video on POH
Headphone audio output is not audible for right side
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.
why is it always Bob and Alice? This is the 3rd video I've seen where they use those names.
Proof of work still better for the next 10 year?
What happened to the right ear??!
The audio only being on the left is giving me a lazy eye
ai wrote me a crytpo currency program with proof of work wallet and mining software to go with the program
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.
I wish videos like this exist for my life, like REAL Life hacks, not arts and craft hacks
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!
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.
*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.
what happened to tthe right ear?
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
!
you scale bitcoin with layers 2
NUCLEAR ENERGY‼️
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.
Please fix the mono audio
inability to scale lol. The Base layer is there to stay.
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?
Bruh that guessing about password thing is soo wrong. WTF!
More energy is used by banking sector, porn industry and dishwashers than BTC.
please make a new video where you put the audio in both ears. I can't watch it otherwise
Wasting your resources is not a punishment?
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?
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".
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
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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.