-The risks for Ethereum
By Greg Peel
This is the third part in FNArena’s series on the world of crypto. Part I explains just what bitcoin is and how it works. Part II compares bitcoin and gold as stores of wealth. Links below.
Proof of Work
As explained in the first part of this series, bitcoin is backed by the blockchain ledger system. Critical to bitcoin’s existence is the verification of each block in the chain, which is provided by solving a complex algorithm available in “open source”, and which does not require a superior brain but rather the capacity to run bllions of calculations to arrive at the right answer.