PoW is like securing a shared document by having computers compete to solve puzzles.
The winner adds the next page, and everyone can verify it, making it super secure.
Think of it like this:
– Miners (special computers) race to solve a math problem.
– The winner gets to add the next block of transactions to the ledger (like a new page in the Doc).
– Everyone on the network can verify the work was done, making it secure and tamper-proof.
Benefits:
– Decentralized: No central authority needed.
– Secure: Requires a lot of effort to tamper with the ledger.
Drawbacks:
– Energy-intensive: Mining can use a lot of electricity.
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