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1) Innovation of bitcoin is proof of work, not a chain of blocks. 2) credit crunch for unicorns is troubling. we should all be worried about where this can lead

• wraithm112 11y ago
  > Innovation of bitcoin is proof of work, not a chain of blocks. Proof of work was invented in the late 90s by Adam Back. The consensus algorithm using proof of work and a blockchain is what Bitcoin brought to the world.
  • brighton36 11y ago
    Adam would say that the difficulty calibration was the innovation satoshi brought, as most everything else existed elsewhere in some capacity
  • onnoonno 11y ago
    > Proof of work was invented in the late 90s by Adam Back. The consensus algorithm using proof of work and a blockchain is what Bitcoin brought to the world. Wikipedia disagrees: > The concept may have been first presented by Cynthia Dwork and Moni Naor in a 1993 journal article. Adam Back invented hash cash as one form of POW.
    • wraithm112 11y ago
      True, I was wrong. Thank you for the correction.