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Delayed Proof of Work simplified

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1 year ago

The Proof of Work consensus is probably known to everyone. It is used by Bitcoin, Ethereum or even Dogecoin. A new solution is the so-called dPoW, or Delayed Proof of Work. This is a mechanism designed by Komodo. In a nutshell, it is a modified version of Proof of Work, which uses Bitcoin's hashpower as a way to secure the network.

dPoW was developed on top of the Zcash code allowing privacy through Bitcoin's hashpower.  Every 10 minutes, for example, the Komodo system takes a snapshot of the blockchain network. This snapshot is stored on the Bitcoin network in a process we call notarisation. This is like creating a backup copy of the entire Komodo system, which is then stored in the Bitcoin chain.

dPoW is primarily used with the Bitcoin network but can be used to enhance the security of other blockchain networks that use UTXO (Unspent transaction output). The main purpose of dPoW is to provide network security, preventing attacks such as DDoS. Mining in PoW networks is very expensive. dPoW adds security using solutions already in place. The dPoW mechanism prevents block reordering which means that a 51% attack is very difficult.

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