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Imagine a puzzle
It's extremely difficult to solve, but once someone does, it's easy for everyone else to verify the solution. That's the core idea behind Proof of Work (PoW)
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1.New transactions: A group of transactions is collected.
2. Computational puzzle: Miners (powerful computers) compete to solve a complex mathematical puzzle related to these transactions.
3. Finding the solution: The first miner to find the correct solution gets to add the block of transactions to the blockchain.
4. Reward: The miner receives newly minted cryptocurrency as a reward.
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Why is it important?
Security:It prevents double spending and other fraudulent activities.
Decentralization: No single entity controls the network.
Consensus: All miners agree on the valid blockchain.
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