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.

Energy consumption doesn’t equal high carbon footprint

3 Jun 2021 1 minute read 0 comments CryptoEnthusiast

Theres so much FUD gong around about energy consumption of PoW coins (namely BTC) and their carbon footprints and whatnot but people dont seem to be appreciating the fact they are two different things... Energy consumption = energy consumed Carbon fo...

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...

Data Science of Binance Smart Chain (BSC) vs Ethereum (ETH)

27 Feb 2021 4 minute read 0 comments quantdoge

Blockchain Architectures of BSC and ETH Ethereum is currently having the second-largest market capitalization after Bitcoin (BTC). As opposed to Bitcoin blockchain which serves solely as a store of value and peer-to-peer decentralized payment system,...

NFTs won’t warm the planet — they’ll kickstart decentralized energy

17 Apr 2021 3 minute read 0 comments john3

There are lots of provocative headlines out there about NFT’s energy consumption, like this one from the New York Times on April 13: NFTs Are Shaking Up the Art World. They May Be Warming the Planet, Too. While it’s true that the technology behind N...

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...

Sugarchain (SUGAR) - The fastest PoW blockchain.

20 May 2021 1 minute read 0 comments Crypto Mihawk

Hello Folks! Today I'm a little late, but I'll still talk about a very promising, underestimated and interesting coin. Being CPU mining is sure to attract the interest of those who like mining but don't have a GPU or even ASIC. Sugarchain is PoW, th...

Beyond POW/POS Resources For Consensus

9 Jun 2021 1 minute read 0 comments Sisyphuspush

Charles Hoskinson released a video recently discussing the similarities and differences of the Proof of Work (PoW) and Proof of Stake (PoS) resource models used for consensus on various blockchain projects. In it he also looks ahead to what types of...

What is LiteDoge and how to earn it for free

2 Nov 2021 1 minute read 1 comment Sweden

LiteDoge (LDOGE) is a lite version of DogeCoin with zero premine. The coins is a hybrid PoW + PoS one with a short mining period that is now over moving to proof of stake having a variable reward that is constantly dropping over time. LiteDoge is a w...

42-coin (42) - Store of value.

19 May 2021 1 minute read 0 comments Crypto Mihawk

Hello Folks!                                                             I'm here again to comment on another store of value coin, but this time it's something very different and quite attractive as well. As everyone knows, one of the most interesti...

crypto learn: proof of work vs. proof of stake

13 Nov 2021 1 minute read 0 comments Nathan Pease

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