>"It bitcoin it is used as an unforgeable proxy for elapsed time"
This sounds pretty interesting, can you elaborate on how exactly its proxy model for the passage of time?
This sounds pretty interesting, can you elaborate on how exactly its proxy model for the passage of time?
You need an analogue to elapsed time to solve this problem. Hashes in bitcoin are probabilistic, there is an expected number of hashes required to solve the PoW (on average). Each hash takes an amount of time that cannot be made faster, so you suddenly have an unforgeable, easily provable analogue to elapsed time.