The consensus mechanism in Ethereum is Proof-of-Work (POW), like Bitcoin. Cryptocurrencies powered by Proof-of-Work require mining. Ethereum miners from around the world use their time and processing power to solve cryptographically difficult puzzles. The successful miner will be able to add blocks to the Ethereum blockchain and earn rewards.
An Ethereum Mining Hybrid Model Using Proof of Stake and Proof of Work
Understanding Innosilicon A10 Pro Ethereum mining requires knowledge of POW and why it was required in the first place. To make decisions, decentralised networks such as Ethereum rely on consensus mechanisms. There were several attempts to construct a legitimate decentralised peer-to-peer digital currency system before Satoshi Nakamoto created Bitcoin and its underlying POW algorithm. All of them failed, however, because they did not provide an answer to the “Byzantine Generals Problem.”
Is there a Byzantine Generals Problem?
The Proof of Stake System and Ethereum Mining
Suppose there were a group of Byzantine generals who wanted to attack a city. They have two problems to deal with:
As generals and armies are very far apart, centralized authority is impossible, which makes coordinated attacks very difficult.
When a city has a large army, it can only win by attacking at once.
A successful coordination would see the armies on the left of the castle sending a messenger to the armies on the right of the castle stating, “ATTACK WEDNESDAY.” However, suppose the armies on the right are not prepared for the attack and reply, “NO.” The messenger would then send the message back to the armies on the left. Here’s where we run into trouble. A messenger may run into a variety of challenges. There is a possibility that the city will capture, compromise, kill or replace him with another messenger. It could lead to an uncoordinated attack and defeat if the army receives tampered information.
The blockchain is also clearly mentioned in this. The blockchain is such a large network, how can it possibly be trusted? When you send 4 Ether from your wallet, how can you be sure that someone in the network won’t tamper with it and change it to 40 Ether?
Satoshi Nakamoto invented the proof of work protocol to solve the Byzantine Generals problem. This method is as follows. They would follow certain steps if they wanted to send a message called “ATTACK MONDAY” to the army on the right.
Conclusions of Ethereum mining
Whenever Proof of Stake is implemented, things will change greatly, as you can see. There is still plenty of time for anyone who wants to join the POW mining game in Ethereum.