Proof of Work (PoW) - News, Opinion & Analysis

Proof of Work (PoW)

36 Articles 13 Followers

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.


Is DigiByte (DGB) A Good Investment? In-depth Analysis and Near to Longer-Term Expectations

26 Nov 2019 7 minute read CryptoBoomer

DigiByte is one of the first-gen blockchains that has been continuously developed and remains popular even in the current days where the crypto space is flooded by many different newer projects. DigiByte has active developers and is one of the most...

Proof-of-Work vs. Proof-of-Stake (what is the difference?)

17 Jan 2020 2 minute read TrocProcLock

So each Cryptocurrency has one of two methods to verify transactions. Proof-of-Work and Proof-of-Stake. Proof-of-Work (PoW) was brought over to the money world by Hal Finney in 2004. And when Bitcoin was introduced in 2009 it was the first widely ad...

New choice for hard disk mining-DISC

7 Jan 2020 2 minute read Diskcoin

Because of mining, BTC has created batches of wealthy people. People who know BTC are eager to participate and profit from it. This seemingly reasonable requirement has become increasingly difficult to achieve due to the development of BTC (POW). Wha...

POC - Changing Consensus with Hard disk

23 Dec 2019 5 minute read Diskcoin

No matter how the future blockchain develops, it will never be possible to bypass the eternally unchanged level of Token. The value of Token originates from the resources consumed by mining rather than the concept of ideology. This is the current sta...

The risks and rewards of cryptocurrencies

16 Dec 2019 2 minute read ChrissCrypto

Cryptocurrencies are with us for over 10 years, over that time we have seen some impressive growth in this field. Cryptocurrencies such as Bitcoin or Ethereum, or even some smaller contenders, can grow over 1,000% and more, in one year alone. These n...

How to tell if an altcoin has the potential to grow?

15 Dec 2019 3 minute read ChrissCrypto

  Introduction to altcoins The word “Altcoin” is used as a name for every cryptocurrency which came after Bitcoin. So altcoins are both industry-leading coins like Ethereum, Litecoin or EOS, as well as newer, smaller cryptocurrencies. As we all know...

Types of Blockchain Consensus Protocols

3 Dec 2019 3 minute read ChrissCrypto

  Consensus algorithms are the foundation of cryptocurrencies and blockchain in general. They allow transactions to be secured and verified without the use of a central authority. Simply put, a consensus algorithm/protocol is a procedure where all th...

Zilliqa coin: A proof of work coin for issuing tokens and creating Dapps on its network

25 Nov 2019 5 minute read quintomudigo

              Zilliqa is a native cryptocurrency of the zilliqa network that can be transferred from one smart contract address to another without involvement of a third party thus making it a decentralized utility coin. The transaction will be proc...

How staking enables passive income earning in crypto

19 Nov 2019 2 minute read ChrissCrypto

  The basic behind Proof-of-Stake and cryptocurrency staking The main purpose of Blockchain is to fulfil the role of trustworthy and decentralized digital ledger that is used to record transactions across many computers so that any involved record ca...

Why should you opt for Staking?

11 Nov 2019 3 minute read ChrissCrypto

Good morning/evening, everyone! Today we live in a world where the Society is increasingly governed by cryptocurrencies, currently nearly 3000 different Cryptos are in use and increasingly used in our daily transactions Cryptocurrencies eliminate th...