Ethereum: How is it that concurrent miners do not subvert each other’s work?
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Ethereum: How it Works with Concurrent Miners and Prevents Subversion
When a new block is added to the Ethereum blockchain, miners are responsible for verifying the transactions contained within the block and ensuring that they are valid. However, in order to do this efficiently, they must restart their work from scratch. This process involves recalculating the hashes of the previous block’s hash and the new block’s contents, which can be computationally expensive.
However, there is a solution that prevents concurrent miners from subverting each other’s work. The Ethereum network uses a consensus algorithm called Proof of Work (PoW), which requires miners to solve complex mathematical puzzles in order to validate transactions and create new blocks.
The Problem with Subversion
In the absence of a consensus algorithm like PoW, there is an inherent risk that multiple miners could independently attempt to subvert each other’s work. If two or more miners were able to come up with the same hash for a block, they could potentially use this as “proof” that their previous hash was correct and therefore skip verifying certain transactions.
For example, imagine that two miners are racing against each other to solve the first few mathematical puzzles required to create a new block. Both miners may independently calculate the same hash for their previous hashes, which would be considered valid by most other miners in the network. However, if they happen to share this same hash with each other, it could be seen as evidence that their previous work was correct and therefore not necessary.
The Solution: Proof of Stake
To prevent such subversion, Ethereum’s PoW consensus algorithm uses a different approach. Miners are required to “stake” their own Ether (the native cryptocurrency of the network) in order to participate in validating transactions and creating new blocks.
When a miner solves the mathematical puzzle associated with creating a new block, they earn a certain number of Ether, which they can use to “lock up” their stake. The longer they keep their stake locked, the more likely it is that other miners will choose to join forces with them in order to solve the puzzle and gain an advantage.
This creates a situation where multiple miners are incentivized to work together in order to achieve their goal, but there is no way for individual miners to subvert each other’s work. The collective effort of all miners in the network ensures that any attempts at subversion will be detected and penalized by the network.
Conclusion
In conclusion, Ethereum’s Proof of Work consensus algorithm has proven to be a highly effective solution for preventing subversion in a distributed network of concurrent miners. By incentivizing miners to work together and require them to share their computational resources in order to solve puzzles associated with creating new blocks, the network ensures that any attempts at cheating will be detected and penalized by the community.
While there are other consensus algorithms available, such as Delegated Proof of Stake (DPoS) and Hashgraph, Ethereum’s PoW has proven to be a reliable and resilient solution for validating transactions and creating new blocks in a distributed network of miners.
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