Ripple CTO Emeritus Says Bitcoin Decentralization Does Not Come From Proof-of-Work

The comments followed reports that Foundry USA, the largest Bitcoin mining pool, mined seven consecutive blocks, prompting concerns about mining concentration and a chain reorganization.

BTC

Summary

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Terms & Concepts
  • Proof-of-Work: A blockchain consensus mechanism in which miners use computing power to validate transactions and add new blocks.
  • Mining pool: A group of miners that combine computing resources to increase the chances of earning block rewards, then share the proceeds.
  • Chain reorganization: A blockchain event in which the network replaces recent blocks with an alternative valid chain, usually because a longer chain was found.