How is the next transaction block found? What is PoW?
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How does Mining work and what is PoW?
I see some slight misapprehension about the detail of how Bitcoind and Feathercoind protocol and PoW (Proof of work) works.
(After reading the source code for about year!) I have found it is actually quite simple.
It is all done on probability.
The Difficulty of the next bock (or lock on the block) is calculated by the last winning miner.
The miners then collects the next block of current coin transactions, in an order of fees, + some free transactions.
The miners then try different keys till they produce the key to the last “Difficulty lock.”
The miner that produces the keys, gets in, that block gets saved to the block chain and the winning miner gets to produce the next difficulty lock.
This is one reason Satoshi’s paper is such a genius, simple solution.
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Nice, Hard fork will be safely.
