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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 in the block and ensuring their validity. However, to do this efficiently, they have to start their work 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 workaround that prevents concurrent miners from undermining 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 undermine each other’s work. If two or more miners manage to find the same hash of a block, they could use it as “proof” that the previous hash was correct, thereby skipping the verification of some transactions.

For example, imagine two miners racing against each other to solve the first mathematical puzzles needed to create a new block. Both miners could independently calculate the same hash for their previous hashes, which would be considered valid by the majority of other miners on the network. However, if they shared the same hash with each other, this could be considered proof that their previous work was correct and therefore unnecessary.

Solution: Proof of Stake

To prevent this kind of conversion, the Ethereum PoW consensus algorithm uses a different approach. Miners must “stake” their ether (the network’s native cryptocurrency) in order to participate in verifying 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 bet. The longer they keep their bet locked, the more likely it is that other miners will choose to join forces 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 undermine the work of others. The collective efforts of all miners on the network ensure that the network will be detected and any attempted coup will be punished.

Conclusion

In summary, Ethereum’s proof-of-work consensus algorithm has proven to be a very effective solution to preventing disruption in a distributed network of parallel miners. By encouraging 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 detects and punishes any attempts at fraud.

While there are other consensus algorithms, such as Delegated Proof of Stake (DPoS) and Hashgraph, Ethereum PoW has proven to be a reliable and resilient solution for validating transactions and creating new blocks in a distributed network of miners.