Chapter
Explanation of Bitcoin's Substantial Amount of Work
24:49 - 32:00 (07:10)
The significant amount of work in Bitcoin ensures that only one solution is generated every 10 minutes, no matter how many people try to solve the puzzle. This is important for security purposes and prevents any invalid changes to the blockchain.
Clips
The fundamental problem of who chooses and publishes the next page of the ledger in cryptocurrency is a social and political issue with massive power implications, as the person who solves it has tremendous power to say which transactions the entire world can see.
24:49 - 27:18 (02:28)
Summary
The fundamental problem of who chooses and publishes the next page of the ledger in cryptocurrency is a social and political issue with massive power implications, as the person who solves it has tremendous power to say which transactions the entire world can see.
ChapterExplanation of Bitcoin's Substantial Amount of Work
Episode#168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum
PodcastLex Fridman Podcast
The substantial amount of work required in Bitcoin ensures that one solution is obtained every 10 minutes, preventing inconsistencies that may arise if multiple solutions exist.
27:18 - 29:52 (02:33)
Summary
The substantial amount of work required in Bitcoin ensures that one solution is obtained every 10 minutes, preventing inconsistencies that may arise if multiple solutions exist.
ChapterExplanation of Bitcoin's Substantial Amount of Work
Episode#168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum
PodcastLex Fridman Podcast
This podcast discusses the idea of delegated proof of stake, and how it allows for decentralized power by relying on a smaller group of trusted individuals.
29:52 - 32:00 (02:07)
Summary
This podcast discusses the idea of delegated proof of stake, and how it allows for decentralized power by relying on a smaller group of trusted individuals. The approach is contrasted with centralized power structures, and the cost implications of both are considered.