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.


PoS- A PoS? - Staking- The Claim of Decentralized Consensus and Reward Distribution, Unrealized. The TK fix

1 Nov 2020 9 minute read 9 comments thunderboltkid

Witness EOS, Where 11 wallets control most of the wealth within that  crypto "Ecosystem' Earning rewards every Epoch. Not good. Is there a better, improved way to Stake (Proof of Stake) and earn rewards for providing Consensus services  to settle tr...

BoomPow v2.0.3 Released! Earn BANANO by Providing Proof of Work to (BA)NANO Services!

24 Apr 2020 3 minute read 8 comments banano

In September 2019, we’ve announced BoomPoW (bPow), BANANO’s peel of the distributed proof of work (DPoW) system created by members of the Nano community. Now, we’ve updated our BoomPow client to version 2.0.3 — and this is a mandatory update! Read mo...

Ethereum 2.0 ... it's the final countdown!

24 Nov 2020 2 minute read 24 comments PVMihalache

Play and start reading... cause it's the final countdown for Ethereum 2.0 I am an Ethereum fan and I am a believer that ETH2.0 will be the solution to the current high gas fees. ETH2.0 will also bring a mega boost in speed as will scale from the cur...

China And New York Clamp Down On Crypto Mining As New Bans And Restrictions Passed

10 Jun 2021 4 minute read 25 comments Vendata

Chinese regions Xinjiang and Qinghai have banned crypto mining while New York has passed a bill from Senate that restricts permits for PoW (Proof of Work) mining, including Bitcoin (BTC), both based on environmental grounds. China Continues To Ban Cr...

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!,...

The lost Bitcoin Vision of Satoshi Nakamoto! What you need to know

20 Dec 2020 6 minute read 9 comments LiquidAttic

Most people i know are in Bitcoin for fiat money. Also look at company’s buying Bitcoin to make huge profits. This brings up a lot of questions in my mind like, has Bitcoin failed? Where is the Vision of Satoshi Nakamoto? Doesn’t this make Bitcoin wo...

New York Assembly Pushes Back Bill Banning PoW Mining Until Next Year

12 Jun 2021 4 minute read 2 comments Vendata

After passing the New York Senate a few days ago, bill S6486B that temporarily bans PoW crypto mining in New York amongst other things has failed to pass the State Assembly, pushed to January 2022. The Bill Bill S6486B looks at stopping PoW crypto mi...

What are consensus Algorithms in the blockchain world?

16 Dec 2020 7 minute read 5 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...

US DLT eVoting in 2022? A Crypto Way Forward

7 Nov 2020 5 minute read 10 comments thunderboltkid

Distributed Ledgers, which are permissioned (ID ratified) and public hold great promise for evoting.  A properly designed, "by State" sharded, vote  summary 'roll-up' into such a distributed ledger of this type, would have the "TPS" Transactions per...

200,000 ETH, 24 Hours. Can ETH Degens Do It?

24 Nov 2020 2 minute read 3 comments AlucardLife

The Ethereum 2.0 upgrade has received quite a boost over the last few days, moving the needle from below 10% to around 20% at the writing of this piece. Analysts predicted that whales would wait until the last minute to put their 32 ether minimum in....