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Ethereum: How it works with concurrent miners and prevents subversion
When a new block is added to the Ethereum blockchain, miners are responsible for verifying the transactions contained in the block and ensuring their validity. However, to do this efficiently, they have to start from scratch. This process involves recalculating the hash of the previous block and the contents of the new block, which can be expensive.
However, there is a solution that prevents concurrent miners from subverting each other’s work. The Ethereum network uses a consensus algorithm called Proof of Work (PoW), which requires miners to solve complex mathematical puzzles to validate transactions and create new blocks.
The Problem with Subversion
Without a consensus algorithm like PoW, there is a risk that multiple miners could independently attempt to subvert each other’s work. If two or more miners managed to find the same hash for a block, they could use it as “proof” that their previous hash was correct, and thus skip verifying some transactions.
For example, imagine two miners competing against each other to solve the first mathematical puzzles required to create a new block. Both miners could independently calculate the same hash for previous hashes, which would be considered valid by most other miners on the network. However, if they share this same hash with each other, it could be considered proof that their previous work was correct and therefore unnecessary.
Solution: Proof of Stake
To prevent such tampering, the Ethereum PoW consensus algorithm takes a different approach. Miners must stake their Ether (the network’s native cryptocurrency) to participate in validating transactions and creating new blocks.
When a miner solves the mathematical puzzle involved in creating a new block, they earn a certain amount of ether that they can use to “lock” their stake. The longer they hold their stake, the more likely it is that other miners will choose to join forces with them to solve the puzzle and gain an advantage.
This creates a situation where multiple miners are incentivized to work together to achieve their goal, but individual miners cannot sabotage the work of others. The collective efforts of all miners on the network ensure that the network will detect and punish any sabotage attempts.
Conclusion
In conclusion, Ethereum’s Proof of Work consensus algorithm has proven to be a very effective solution to prevent sabotage in a distributed network of concurrent miners. By incentivizing miners to work together and requiring them to share their computing resources to solve the puzzles involved in creating new blocks, the network ensures that the community will detect and punish any attempts at cheating.
While other consensus algorithms are available, such as Delegated Proof of Stake (DPoS) and Hashgraph, Ethereum PoW has proven to be a reliable and robust solution for validating transactions and creating new blocks in a distributed network of miners.