Ethereum update: Does Ethereum’s Proof of Work operate in a similar way to Bitcoin’s?
Is there value generated that miners must hash block info with nonce values to try and achieve?
In order to “win” and get a block mined must the miner “guess the nonce” to generate the correct value?
I don’t understand the Proof of work used by ethereum. I’d appreciate if anyone had an ELI5, or even *ELI30-but-only-understand-bitcoin’s-POW.*
Thank you.
EDIT: Also, what is an uncle block, and why would (seemingly) stale/dead/orphaned blocks be included in a new “canonical” block?
About Ethereum
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.
Author: murphy9191
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