Podcast: What is Proof of Work?

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The technology behind Bitcoin confused quickly. It is not rocket science to understand the processes of the Proof-of-Work. In this Episode of the BTC-ECHO Podcast, we dive into the technical Details of the crypto-currency. Here, we explain first of all, the function of the hash function, the Proof of Work and Mining.

At the latest when it comes to explaining the Blockchain in a nutshell, a lot of enthusiasts to Stumble. What a hash function is that again exactly? And what is this mathematical Puzzle that is solved in Proof of Work? For a healthy understanding of the technology explore I with Philipp Giese this week, the Proof-of-Work consensus algorithm.

SHA256 – a magical Thermomix

A hash function can be thought of as a Thermomix. You put the ingredients and mixes these to a soup. The special case of a hash function: The Output, so the soup is always the same – 64 characters, or a metaphorical bowl of soup. A further feature of the hash function is that for each Input, every ingredient, is the Output, and the soup, it completely changes. So you can see the Manipulation at first glance.

The SHA256 Hash of #btcechopodcast is 39b4520bb3965304f277a515aa9454b8602c21f13890b91a4a486fcb56a99c26

The SHA256 Hash of #Btcechopodcast (only the “B” capitalized) is, however, 51f2f7629d9af19de70ed227d0d45dfeef0afd24c5c291575fc5a2a49b54b0e3

In Bitcoin, this mechanism comes at exactly the.

With a Nonce to the particular Hash

Now we want to get a particular Hash, that starts with four zeros. For this purpose, we build a Variable into the data field of the Nonce. Since for each Input, the Hash completely changes, we use the Nonce to guess such a special Hash. The fixed Inputs in our data block, the block number (#1), and the data field (#btcechopodcast).

The Mining is to increase the process the Nonce by one and check whether a Hash is created that corresponds to our target (four zeros at the beginning). In our example, the Nonce from 83031 of the case. The Computer has to guess about Mining so 83031 times.

Simplified, it is already the mystery of the Proof of Work.

Interactive Podcast Episode

Your Podcast Hosts: Alex and Phil

This episode is directed especially to newbies. With lively examples, Phil and I illustrate the mechanisms of the Bitcoin Blockchain. With an Online Tool, you’ll learn in this Episode of the BTC-ECHO Podcasts the hash function. In the next step, you’ll learn how this hash function for Mining is used. At the end you know exactly what is meant by this is often referred to, “a complex mathematical Puzzle” when it comes to the Proof-of-Work.

With my own eyes and hands taking in new information best, therefore, you should not miss this hour.

https://cdn.podigee.com/podcast-player/javascripts/podigee-podcast-player.js

 

Show notes

  • Website: HashCash
  • Article: The Bitcoin Distribution
  • Tool: Blockchain Demo
  • Graph: Bitcoin Hash Rate
  • Website: Block Explorer Blockchain.info
  • Video: Andreas Antonopoulos on Proof of Work
  • Market letter: BTC-ECHO crypto compass (first month free)
  • Newsletter of the BTC-ECHO

Get in contact with us, you us an E-Mail to write. In our Discord Chat you can also many others interested in crypto-enthusiasts get to know and you to replace.

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