A Mining Algorithm is a specific set of computational rules and procedures used by participants in a proof-of-work blockchain network to validate new transactions and add them to the ledger. This algorithm defines the cryptographic puzzle that miners must solve to create new blocks. The first miner to find a valid solution receives a reward in newly minted cryptocurrency.
Context
News often discusses changes or updates to Mining Algorithms, particularly in the context of network security, energy consumption, and decentralization. Debates about the environmental impact of cryptocurrencies frequently reference the computational intensity required by certain mining algorithms. The choice of algorithm is fundamental to a blockchain’s economic and security properties.
A novel Proof of Quantum Work consensus leverages quantum supremacy to create a quantum-safe, energy-efficient mining mechanism, fundamentally securing the blockchain against future classical attacks.
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