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.


Brainwaves as proof-of-work for cryptocurrencies: Microsoft's shocking idea

1 day ago 2 minute read 0 comments ManCrypto

Brainwaves as proof-of-work for cryptocurrencies: Microsoft's shocking idea   The Colossus of Redmond puts forward a patent application focused on a very particular concept: collecting body parameters to demonstrate that it has performed a task Micro...

The Value of Real-World Problem Solvers

2 weeks ago 1 minute read 0 comments valuevision

PoS systems incentives miners and mining equipment producers only. You buy it and then you hodl it. You do nothing with it. You store it on your Ledger and wait for price to increase. Traders make some profit on it. I think BTC can be a store of valu...

A response to the article: "Staking - centralization risk"

3 weeks ago 4 minute read 1 comment Allen Walters

This is a response to the article "Staking - centralization risk". The Steem situation is a shitstorm. I'm not going to debate that much, besides the fact that I want to point out that: The fact that Justin could buy up Steemit and gain a large posi...

A guide about: Proof of work, Proof of stake and others explained!

3 weeks ago 6 minute read 6 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...

Inflation rates: how it's less of a big deal in PoS

3 weeks ago 3 minute read 0 comments Allen Walters

When people research new projects to potentially invest in, one of the questions that is often asked is: "What's the inflation rate?" What is inflation?Inflation or Inflation rate, is the increase in money supply. So the increasing amount of Dollars,...

Proof of Work vs Proof of Stake vs Proof of Importance - Blockchain

4 weeks ago 3 minute read 0 comments Gopherine

Cryptocurrencies are based on the decentralized database based upon consensus mechanism or in other words distributed ledger. Any data stored in this network are immutable(cannot be changed or deleted) as it is stored in different locations, without...

Lyf coin staking smart contract: customizable and transparency in staking!

27 Feb 2020 3 minute read 0 comments EbriDan

INTRODUCING LYFCOIN STAKING PLATFORM How would you like to have complete control of your staked coins? An ability to customize your staked tokens with a beginning list of about 100 different erc20 tokens on the Ethereum blockchain?  The staking smart...

Opportunity is born in panic

10 Feb 2020 1 minute read 0 comments Diskcoin

The cryptocurrency market has recently experienced an unremarkable general rebound pattern, and it is indeed a bit unexpected under the situation of Bitcoin shock. Looking back at the background of all this, it was when the market fell sharply in mid...

10 questions to let you know about DISC

3 Feb 2020 3 minute read 1 comment Diskcoin

What is DISC? DISC is a new cryptocurrency based on CPOC (Conditioned Proof of capacity).   What is the POC consensus mechanism? POC, Proof Of Capacity. Capacity generally refers to hard disk capacity. POC was first born in 2014. The earliest cryptoc...

How to stake your TrezarCoin (and withdraw from coinkit/graviex)

3 Feb 2020 2 minute read 0 comments lucasc

TrezarCoin is a hybrid proof-of-work / proof-of-stake cryptocurrency. Like Bitcoin, you can mine TZC (TrezarCoin), earning coin with your computation power. You can also stake it in your wallet, which is a much lighter task than mining and yields you...