25 Jun, 2022
You must have heard about Bitcoin Mining ⛏
To add each transaction to the blockchain, miners get awarded with freshly minted Bitcoins 💸
But, there are thousands of miners who try to complete the transaction and append the chain.
How do we know which Miner is to be rewarded?
Here comes the Proof of Work 🌟
It is a process of verifying who actually appended the blockchain.
Miners need to solve a complicated puzzle by using computing power in order to append the new block, and the one who solves the puzzle (does the work) gets rewarded with Bitcoins.
All the miners compete to find an equation that solves a cryptographic problem to obtain a certain result based on the data inside the new block.
It can be seen as a measure put in place to stop defaulters.
Due to proof of work cryptocurrencies can be transferred peer-to-peer securely without the need of any third party.
Before this peer-to-peer money transfer was not possible, as both the parties needed some intermediary to trust and validate their counterparts.
The same concept applies to all aspects of life.
• Building Trust 🤝
- A client needs to have trust in the freelancer
- A company/startup needs to know that the person they are hiring is capable of doing the work and has done it in past.
One method is by presenting Certificates issued by trusted intermediaries, Degrees issued by Universities.
But still, it doesn’t ensure the thing that if the person has done the work or not.
To remove the intermediaries and generate trust there must be some kind of "Proof" that the person is capable and well equipped for the task, and what’s better than the Proof of Work itself.
Nowadays people have started believing in the work done and don’t make decisions based on degrees and certificates.
The moto is simple, Let your work speak 💪
To generate Proof of Work for the Bitcoin chain a Miner has to generate Trillions of Hashes per second to find a correct hash, consuming an enormous amount of Computing Power, Human effort and resources.
But guess what, being a creator or a knowledge worker, you don’t need all those efforts and power to generate the same. You just need Fueler.io ✨
Just as Bitcoin decentralizes the money transaction space, Fueler decentralizes the Exchange of values and sharing of services between humans creating trust and credibility.
In fact, it is your work which does the job, Fueler is just a platform, a medium to beautifully publish, showcase and manage all your work irrespective of the domain you come from.
You can be a content writer, developer, designer, product manager, marketer, or copywriter, Fueler doesn't limit you to a niche.
Just sign up > create your profile > publish your best work and you are good to go 🚀
Focus on doing what you love, and let your work speak for you
⚡ Sign up for fueler.io now and try it for free
Thank you so much Nishkant for coming up with this blog 🙌💖