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.


Mining Pool Stats & Block Explorer

10 hours ago 1 minute read 0 comments ĒRDNA

List of known PoW mining pools with realtime pool hashrate distribution. TYPES OF CRYPTO MINING Proof-of-Work is a crypto mining protocol that defines an extensive mathematical computation that needs to be performed in order to create a new block f...

Proof of Stake Vs Proof of Work: The quest for healthier consensus algorithm.

4 Jul 2020 8 minute read 4 comments Dzoelx

Unarguably one of the biggest events expected to happen soon on the crypto space is ethereum moving from Proof of Work to Proof of stake. I’m sure a couple of investors just saved up at least 40 ether coins waiting to put them on the stake. Poor me!,...

PoW and PoS mining.

3 Jul 2020 1 minute read 0 comments Jandmade

In the crypto world when we talk about mining we refer metaphorically to the process of extracting cryptocurrencies. There are several types of mining even though the most recurring are the so-called PoW and PoS. PoW is the acronym for Proof of Work,...

Peercoin: Pioneer of Proof of Stake

1 Jul 2020 1 minute read 11 comments Renan Rosa

Have you ever heard about Peercoin? We can consider Peercoin as one of those dinosaurs that exist since the most remote eras of the crypto and blockchain, as old as Bitcoin and Litecoin, we can consider it too. Besides a peer-to-peer cryptocurrency,...

A guide about: Consensus Algorithms in the blockchain world

26 Jun 2020 7 minute read 0 comments LiquidAttic

This post took a little more time and more research than I am used to. I myself wanted to know how different blockchain consensus algorithms work and how they were chosen. Today I want to talk about different blockchain consensus algorithms. There ar...

Why Monero is the best privacy coin?

19 Jun 2020 3 minute read 0 comments Cryptomeitei

Privacy is something everyone is talking about in crypto space. Being decentralised in nature privacy is one of the necessary feature in cryptocurrency inorder to secure our crypto assets from outsiders.one main thing that differenciates  privacy coi...

Get Ready! Ethereum 2.0 is Coming!

16 Jun 2020 2 minute read 0 comments PhoenixDev

Although it has already been delayed for some time, the release of Ethereum 2.0 may be near. Although initially projected for January 2020, error and vulnerability detection and correction is taking a long time. But on June 10, the company Prismatic...

Proof of Authority

12 Jun 2020 3 minute read 3 comments Ruma

The Blockchain industry is continuously progressing since its inception. The consensus mechanism is the core of a decentralized ecosystem that helps it to achieve consensus in the network. Till now, many consensus methods have been invented and imple...

Magi Coin (XMG) Mining and Staking on Libre La Frite

6 Jun 2020 3 minute read 0 comments cryptoddy

This is a guide on how I managed to do mining on Magi Coin (XMG) on La Frite, a single board computer by Libre Computer. This coin mining is not a get rich solution, rather it is a good experience on how crypto mining works. Coin Magi (XMG) is a CPU...

Bitcoin Vs Ethereum PART 1 | Every thing you need to know

1 Jun 2020 3 minute read 0 comments Cryptohem

 In the world the cryptocurrency Bitcoin and Ethereum can be considered as the parent of all the cryptocurrency.For now both ETH and BTC works on proof of stake mechanism. But Ethereum will be change to Proof of stake consensus mechanism after some p...