Proof of Work (PoW) - News, Opinion & Analysis

Proof of Work (PoW)

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Proof of work (PoW) is the original type of consensus algorithm in a blockchain network. It was first developed in 1993 as a way to prevent denial of service attacks and others on a network. However, it wasn’t until 2009 that Satoshi Nakamoto implemented PoW on Bitcoin as an innovative way to achieve consensus in a distributed network. Since then, PoW has become a widely used consensus algorithm for many cryptocurrencies.

PoW is used to validate transactions which produces new blocks and links them together to form a blockchain. In PoW, miners compete against each other to solve complex computational puzzles. When a miner successfully solves the difficult puzzle it is verified by other miners and a new block is added to the blockchain. The transactions in the new block are thus added to the network and miners get rewarded for adding new blocks to the blockchain and securing the network.

The process of proof of work secures a blockchain network and helps to protect the network against numerous different attacks. The more miners a PoW blockchain has, the more computational hash power it has, which makes the blockchain more secure. A successful attack on a PoW blockchain would require a lot of computational power and time. Therefore, attacks on highly secure PoW blockchains can be very expensive and deemed pointless. To this day, PoW is considered to be the most secure consensus algorithm because it is the most tried and tested. 

However, PoW is not without downsides. It is very energy intensive and therefore not the most efficient consensus algorithm. Also, some experts say that PoW blockchains are more difficult to scale and that newer methods such as PoS or DPoS are required to implement various scaling solutions.

In this tag you can discover proof of work (PoW) news, cryptos, opinions and analysis created by knowledgeable individuals on the matter.

What is the 51% attack, how does it work, and how to make it harmless?

2 Oct 2021 2 minute read 15 comments MikeZillo

We hear a lot about the 51% attack, but what is it really about? The 51% attack is a hacking procedure that is perpetrated against the blockchain in order to take over the ability to validate or cancel transactions at will. Basically it consists in t...

Dogecoin in focus, the meme to rule them all

8 Sep 2021 3 minute read 0 comments Austras

Such moon. Much wow! Let's a take look into THE memecoin that is somehow still in top 10 marketcaps, it trumps majority of companies in the world's stock options. How does the coin work and what function does it serve? Let's find out. Background DOGE...

The 6 best blockchain protocols

6 Sep 2021 3 minute read 1 comment Austras

Disclaimer, this list is ordered in my own personal opinion based on how secure, fast and scalable each protocol is. All of them have their own strengths & weaknesses with there being no clear "best" protocol. 6. Nonconsensus protocol Cryptocurrencie...

$FLUX is Pushing

4 Sep 2021 1 minute read 2 comments BussTechno

If you were savvy enough to purchase FLUX when I wrote about it on July 22nd you would already be in a 3X position.  If I had bought FLUX when I wrote about it on July 22nd I would be in a 3X position.  Doh!   This little gem has been in rocket mode...

Top 5 Countries to mine CHEAP and CLEAN Crypto

18 Aug 2021 4 minute read 0 comments crush89

Following my latest article regarding the new Cheap and Green Crypto Mining Index (CGCMI), I have decided to take a closer look at the top 5 countries from the 124 country ranking. Just to re-iterate, I am of the opinion that the only way of making c...

124 Countries Ranked by their Green and Cheap Crypto Mining potential

18 Aug 2021 2 minute read 1 comment crush89

Our financial and environmental policies suck As some of us know, Proof-of-Work (PoW) cryptocurrencies like Bitcoin (BTC), Etherium v1 (ETH) and Monero (XMR) require a lot of computational power to run, and this requires electricity. The cheaper this...

A Peek at Ergo

15 Aug 2021 4 minute read 5 comments Anarchiss

Ergo is a proof of work blockchain (PoW) that uses advanced cryptographic features (Bitcoin based protocols) with smart contract functionality. It aims to create a resilient platform for contractual money. There are many positive indicators for this...

What is a Consensus Method?

7 Aug 2021 5 minute read 0 comments

Understanding the cryptocurrency world is no easy feat. Especially because cryptocurrency is built on a new type of technology that not many people understand known as a blockchain. Blockchains use something known as a consensus method to function....

Forget Volcano Powered Bitcoin We Have the Nuclear Option Now!

16 Jul 2021 2 minute read 0 comments Cje95

Today has been a pretty boring day for me at work but man have some cool stories recently come out! My favorite one so far is nuclear-powered bitcoin mining! When El Salvador's President made his comments about volcano's powering Bitcoin mining it so...

The ZENvangelist - The journey begins!

14 Jul 2021 2 minute read 3 comments PVMihalache

Good days start with good news! My ZEN faith was rewarded with an invitation to the Horizen Ambassador Program. I added the ZENvangelist title to the list of names I want to be called by friends and family, and I was ready to embark on this new jour...