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.

The Crypto Round-Up: May 26th, 2021

27 May 2021 1 minute read 0 comments coinpass Global

  Ark Investment’s Cathie Wood: BTC Will Hit $500K   With the recent Bitcoin drop, a lot of traders just dump and run. The Ark Investment Management boss, Cathie Wood, said that the recent crypto market was currently “very emotional” so it was not y...

Proof of Transfer (PoX): a Sustainable Consensus

9 Nov 2020 5 minute read 1 comment Saurabh

In a blockchain governed system all the transactions have to be recorded on a distributed ledger, the copy of which is carried by all the participating nodes. Miners or the validating nodes authenticate the transactions and record them on the global...

Using BoomPow (PoW) Client in Raspberry Pi4 - $BANANO

9 Mar 2021 2 minute read 2 comments Holdman

What is PoW Banano? Banano transactions require a "proof of work" in order to be broadcasted and confirmed on the network. Basically you need to compute a series of random hashes until you find one that is "valid" (satisifies the difficulty equation)...

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...

Magpiecoin (MGPC) - The Mineable CPU that will be successful.

19 May 2021 1 minute read 5 comments Crypto Mihawk

Hello Folks! I know that maybe this moment is not the right time to talk about Altcoins or other projects other than Bitcoin, but I can't miss the opportunity to talk about MagpieCoin. Well, launched in March and with Algo YespowerMGPC, MagpieCoin i...

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...

BitCore (BTX) - A good alternative for secure payments.

21 May 2021 1 minute read 0 comments Crypto Mihawk

Hello Folks!     Well, now I'll talk about BitCore and I believe that everyone has heard or read somewhere about this coin that was launched in 2017. Bitcoin holders claimed their BTXs that same year, for more details visit the site. The reason I cr...

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...

Double-spending Problem Explained

20 Apr 2021 2 minute read 0 comments Heath Muchena

Double spending happens when the same funds are spent on two recipients at the same time within a digital cash system. A system that cannot rectify this issue is undermined since there is no way of verifying that the funds they receive have not alrea...

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...