The Proof of Capacity Consensus Mechanism

The Proof of Capacity Consensus Mechanism

Although the PoW consensus mechanism worked ably when Bitcoin was new, the network has grown at an enormous speed. To keep block timings sustained, the Bitcoin system is configured to increase mining difficulty. As a result, the mining difficulty has increased to the point that only the most powerful devices, known as Application Specific Integrated Circuits (ASICs), are capable of mining bitcoins. To be able to solve the hash functions, they need a lot of computing power as well. With…

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Fintelics

Fintelics

Software consulting company that focuses on emerging technology such as AI, Blockchain, Cloud Computing, and Data Engineering, MERN Stack, and Fintech