Delayed Proof of Work (dPoW) Definition
Delayed Proof of Work (dPoW) is a consensus mechanism used in blockchain technology that leverages the security of Bitcoin’s blockchain to secure other smaller chains. It was designed by the Komodo platform to provide a second layer of security to blockchains, making them resistant to certain types of attacks.
Delayed Proof of Work (dPoW) Key Points
- dPoW is a consensus mechanism used in blockchain technology.
- It was designed by the Komodo platform.
- dPoW leverages the security of Bitcoin’s blockchain to secure other smaller chains.
- It provides a second layer of security to blockchains.
- dPoW makes blockchains resistant to certain types of attacks.
What is Delayed Proof of Work (dPoW)?
Delayed Proof of Work (dPoW) is a consensus mechanism that was designed to provide an additional layer of security to blockchains. It does this by leveraging the security of Bitcoin’s blockchain, the most secure blockchain, to protect smaller, less secure chains. This is achieved by writing the block hashes of the smaller chain onto the Bitcoin blockchain.
Who uses Delayed Proof of Work (dPoW)?
Delayed Proof of Work (dPoW) is used by blockchains that wish to increase their security without needing to match the computational power of larger networks like Bitcoin. It was first implemented by the Komodo platform, but it can be used by any blockchain that wants to leverage the security of the Bitcoin network.
When is Delayed Proof of Work (dPoW) used?
Delayed Proof of Work (dPoW) is used whenever a new block is added to the blockchain. The block hash of the new block is written onto the Bitcoin blockchain, effectively ‘notarizing’ it. This notarization process happens at regular intervals, providing a constant layer of security to the smaller chain.
Where is Delayed Proof of Work (dPoW) used?
Delayed Proof of Work (dPoW) is used in the blockchain technology space, particularly by smaller blockchains that wish to increase their security. It is not specific to any geographical location and can be used by any blockchain, anywhere in the world.
Why is Delayed Proof of Work (dPoW) important?
Delayed Proof of Work (dPoW) is important because it provides a way for smaller blockchains to increase their security without needing to match the computational power of larger networks like Bitcoin. By leveraging the security of the Bitcoin network, dPoW makes smaller chains resistant to certain types of attacks, such as a 51% attack.
How does Delayed Proof of Work (dPoW) work?
Delayed Proof of Work (dPoW) works by writing the block hashes of the smaller chain onto the Bitcoin blockchain. This is done by a set of notary nodes, which are elected by the community. These notary nodes perform the work of securing the smaller chain and are rewarded for their efforts. The process of writing the block hashes onto the Bitcoin blockchain effectively ‘notarizes’ the blocks of the smaller chain, providing a second layer of security.
