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Proof of work [Bitcoin]

A proof of work system is needed to operate a distributed timestamp server.
Bitcoin achieves proof of work with hash puzzles: The node that creates (proposes) a block must find a nonce such that the hash of nonce+previous hash+tx1+tx2…+txش is smaller than a target value.
Such puzzles are solved by miners.
By increasing and decreasing the difficulty to solve a specific problem, the proof of work mechanism can compensate for available (and increasing) CPU power.
An alternative to proof of work is proof of stake.

See also

Bitcoin
Adam Back: Hashcash - A Denial of Service Counter-Measure

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