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    This is very clear and concise explanation, definitely worth a read even if you already get the concept.

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      A nice brief writeup from our own @asthasr .

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        It ends too soon — this doesn’t explain why proof of work…works. Or why the miners would pay to do the work.

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          Proof of work is a greed incentive to follow the majority masquerading as a consensus algorithm

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            …that sounds like a consensus algorithm.

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              I remain unconvinced that offering money as an Incentive to system operators is really a consensus algorithm. It’s sufficiently different from everything else we call a consensus algorithm to warrant a new term of art. Incentive Algorithm maybe?