This is very clear and concise explanation, definitely worth a read even if you already get the concept.
A nice brief writeup from our own @asthasr .
It ends too soon — this doesn’t explain why proof of work…works. Or why the miners would pay to do the work.
Proof of work is a greed incentive to follow the majority masquerading as a consensus algorithm
…that sounds like a consensus algorithm.
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?