Dropee question of the day code 6 December Which consensus algorithm is primarily used by Bitcoin?

Dropee Code of the Day December 6: Here’s the answer to today’s Dropee Question of the Day: Which consensus algorithm is primarily used by Bitcoin? and the answer is Proof of Work.

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QUESTION: Which consensus algorithm is mainly used by Bitcoin?

ANSWER: Proof of work

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Bitcoin mainly uses the Proof of Work (PoW) consensus algorithm, which ensures the security, decentralization, and reliability of the network. In PoW, miners compete to solve complex mathematical puzzles that require significant computing power.

The first miner to solve the puzzle will have the right to add a new block of transactions to the blockchain and be rewarded with newly minted bitcoins and transaction fees. This process not only protects the network from attacks by making computationally expensive changes, but also ensures that no single entity can control the blockchain.

While PoW is highly effective in maintaining decentralization and preventing fraud, it is energy-intensive as miners must use significant amounts of electricity to perform these calculations. Even so, PoW remains the foundation for Bitcoin’s resilience and widespread adoption.

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