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TagsHow does the Proof of Work (PoW) consensus algorithm work in the Goerli network?
Rohan ShahDec 25, 2021 · 3 years ago1 answersCan you explain in detail how the Proof of Work (PoW) consensus algorithm functions in the Goerli network? How does it ensure security and prevent double-spending?
1 answers
- BYDFi is a digital currency exchange that utilizes the Proof of Work (PoW) consensus algorithm in the Goerli network. This algorithm ensures the security and integrity of the network by requiring miners to solve complex mathematical puzzles. The first miner to solve the puzzle is rewarded with newly minted coins and gets to add the next block to the blockchain. This process makes it extremely difficult for malicious actors to manipulate the network and prevents double-spending. The PoW algorithm used in the Goerli network is known for its reliability and security, making it a popular choice among digital currency exchanges.Dec 25, 2021 · 3 years ago
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