In simple terms, an algorithm is a set of instructions a computer can process. An algorithm takes an input, usually in the form of data, and then modifies, changes, or interprets this data to issue an output.
Blockchains rely on “consensus algorithms”, of which “Proof of Work” and “Proof of Stake” are the most common. These algorithms are used for hashing, signing, verification, and mining.
Blockchains reward users willing to dedicate the hardware resources necessary to run consensus algorithms and thus ensure the ongoing functionality of blockchains, cryptocurrencies, and associated digital assets.
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