jake on Nostr: Bear markets are for building and my greatest skillset is content marketing. So I’m ...
Bear markets are for building and my greatest skillset is content marketing. So I’m creating the pocket steak version of Bitcoin explanations; no-fluff, nutrient-dense brain food. Here’s a section I’ve been working through.
*Proof of Work & An Immutable Record*
The reason the Bitcoin ledger is immutable, that the record of transactions can not be changed or altered, is because of Proof-of-Work; the consensus mechanism requiring miners to expend energy in order to add blocks to the blockchain.
Without POW, there’s no “unforgeable costliness”; there's no solution to the Byzantine Generals Problem or the double-spend problem; there’s no immutable record; and no neutral monetary system for a world where most people experience financial repression and *everyone* experiences the hidden theft of currency debasement.
Proof-of-Work (PoW) is what links Bitcoin to the physical world; allowing it to adhere to the first and third laws of thermodynamics, and for the first time in human history, create digital scarcity; a term that was a blatant oxymoron until Bitcoin reached escape velocity following the Block Size War (2015-2017). The closest tangible example to Bitcoin is gold.
“Gold is proof of work. We put in a ton of energy to find the gold deposits, to move [tons] of rock in order to get grams of gold, and then refine that into condensed proof that all that work was done." — Lyn Alden
*Proof of Work & An Immutable Record*
The reason the Bitcoin ledger is immutable, that the record of transactions can not be changed or altered, is because of Proof-of-Work; the consensus mechanism requiring miners to expend energy in order to add blocks to the blockchain.
Without POW, there’s no “unforgeable costliness”; there's no solution to the Byzantine Generals Problem or the double-spend problem; there’s no immutable record; and no neutral monetary system for a world where most people experience financial repression and *everyone* experiences the hidden theft of currency debasement.
Proof-of-Work (PoW) is what links Bitcoin to the physical world; allowing it to adhere to the first and third laws of thermodynamics, and for the first time in human history, create digital scarcity; a term that was a blatant oxymoron until Bitcoin reached escape velocity following the Block Size War (2015-2017). The closest tangible example to Bitcoin is gold.
“Gold is proof of work. We put in a ton of energy to find the gold deposits, to move [tons] of rock in order to get grams of gold, and then refine that into condensed proof that all that work was done." — Lyn Alden