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.


From Bioeconomics to Degrowth (Mauro Bonaiuti)

19 Feb 2021 11 minute read 0 comments rhyzom

Link to full paper here: Mauro Bonaiuti The first conclusion is that the basic objective of the economic process, i.e. the unlimited growth of production and consumption, in being founded on the use of non-renewable sources of matter/energy, contra...

OKEx Considering Delisting ETC Because of 51% Attacks

18 Aug 2020 1 minute read 1 comment Abhimanyu Krishnan

CoinDesk reported on August 17 that Malta-based cryptocurrency exchange OKEx is considering delisting the Ethereum Classic (ETC) cryptocurrency, after the two recent attacks had resulted in a loss of funds on the exchange. OKEx CEO Jay Hao told Coin...

Blockchain - The revolutionary technology

10 Sep 2020 5 minute read 0 comments Simplify Crypto

The technology that allowed the creation of this new world is called blockchain! The blockchain - chain of blocks - quite simply, is a database stored in immutable blocks, dated and linked by cryptographic means, maintained by a distributed network o...

What is Staking?

27 May 2020 2 minute read 0 comments CryptoJamm

Staking and PoS Staking is the process of using cryptocurrency as a way of supporting the network of which it is native to. It is widely used on networks that adopt the Proof of Stake (PoS) consensus mechanism or one of its variants. And as...

Do you know Xazab (XAZAB)?

28 May 2021 1 minute read 0 comments Crypto Mihawk

Hi Folks! How long, in fact, has it been a few days since I wrote the last article that I was not feeling so well. So, I decided to rest for a few days. Have you heard of Xazab? Not yet? In this article I'll provide an introduction to that coin. XAZ...

The EIP-1559 is a cause of rift between Ethereum Developers and Miners

18 Mar 2021 2 minute read 1 comment Greenchic

    Ethereum Miners are dissenting against EIP-1559 upgrade   Ethereum is having some dramas because of the EIP-1559 upgrade that was scheduled to take place in July along with the scheduled London hardfork . EIP-1559, aims to improve users' experie...

ETHEREUM CLASSIC AND 51% ATTACKS

5 Sep 2020 3 minute read 0 comments Simplify Crypto

Despite being something not so common, it happened with the Ethereum Classic (ETC) twice in the same week (currently there has been another 3 attacks in a month), when a miner got 51% of mining power (hash power) to break into the network and thus cr...

Ethereum's shift to proof-of-stake could finally open the GPU market back up

27 May 2021 1 minute read 0 comments Lukros76

Nvidia recently cited that Ethereum 2.0 might shift the demand of it's GPU's but it's also certain that it would do the same thing for other GPU providers like AMD, Asus and Intel. With Ethereum 2.0 moving from proof-of-work (PoW) to proof-of-stake (...

Raptoreum (RTM) - ASIC/FPGA Resistant and secure.

22 May 2021 1 minute read 0 comments Crypto Mihawk

Hello Folks! I'm again writing an article. This article that I'll write is about a coin whose mainnet was in March this year. The coin is called Raptoreum. It's PoW and algo is GhostRider. No premine and at ICO. The total supply is 21B. The characte...

Proof-of-work vs. Proof-of-stake

11 Mar 2021 2 minute read 1 comment cryptoworldd

  If you keep up with the news in the crypto community, you might have heard about Ethereum's plans to switch from PoW to PoS. Some miners are even planning to 51% attack the Ethereum blockchain to punish, the developers. But what do all these terms...