Lambdacoin

Proof of Work

Uses SHA hash function on transactions + nonce to get a hash.

example:

abc3409jkgla4

When the nonce used generates an SHA hash that begins with x number of zeros, then the proof of work is satisfied.

example of satisfactory hash where 4 zeros are required:

0000flaksjvior

Verification

A block isn't verified until: (1) it is part of a block in the longest fork, and (2) at least 5 blocks follow it in the longest fork. In this case we say that the transaction has “6 confirmations”

Longest chain wins

Terminology

• Gen Transaction: Reward transaction generated for a miner when a block is solved. Gen transactions have no inputs, just outputs.
• UTXO: An Unspent Transaction Output (UTXO) that can be spent as an input in a new transaction.

Useful Resources

• Bitcoin developer guide: https://bitcoin.org/en/developer-guide