Proof of Work (PoW)

243 Articles 69 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.


Discovering ETH Proof-of-Work: ETHW Review

25 Oct 2022 4 minute read 4 comments Swapzone

Before the merge that saw Ethereum transition to a proof-of-stake consensus mechanism, Ethereum initially employed the proof-of-work (PoW) mechanism. So, What is proof-of-work Ethereum? Following the launch of the Ethereum Merge, some miners chose to...

THE ETHEREUM MERGE: A Concise Summary

24 Oct 2022 3 minute read 0 comments Salome Ogbolu

After a long wait, Ethereum 2.0 is finally here and the hype is contagious. It's no surprise, considering Ethereum's position as the second largest cryptocurrency as ranked by market value. In an update known as ”the Merge”, Ethereum gave the crypto...

Reading through the European Commission Idea of a PoW Mining Ban

21 Oct 2022 3 minute read 7 comments Cje95

A ton has recently been made of the news out of Europe about a possible cryptocurrency mining ban. Having read through the report and seen people's responses and reactions, it seems that people are just looking at the title and running with what they...

Bitcoin mining still exists

19 Oct 2022 1 minute read 2 comments Yugocean

     Cryptocurrency Proof-of-Work still exists, or say, solving the complex crypto codes, or crypto mining.  There has been a campaign against cryptocurrencies around the world due to the misuse of electricity and environmental pollution from crypto...

What do you need to know about “The Merge” and Ambire Wallet?

30 Sep 2022 3 minute read 0 comments AlpinaBG

  Ethereum moved to Proof-of-Stake (PoS) on September 15, 2022 becoming more secure, less energy-intensive, and ready for new scaling solutions. TLDR: Ambire will not support the ETHPoW fork out of the box, but you will able to claim your post-fork P...

Callisto Monthly - August 2022

20 Sep 2022 5 minute read 0 comments Fushuma

Note: This article was originally published under the Callisto Network blog. We are now evolving into Fushuma, a community-driven blockchain leveraging advanced ZK-Rollup technology for low fees and high throughput. In Fushuma, FUMA token holders d...

Bitcoin Can Be Carbon Negative?

19 Sep 2022 3 minute read 0 comments Dr. Stetson Windsor, Chairperson of Jurisprudence

Bitcon is good for turning narratives that the political and economic zeitgeist thought were unturnable. The response is usually a screaming finger pointed back at the status quo along with some half-baked half-mumbled half-truth. To me, "zeitgeist"...

Is Ethereum's Brand New ETHPoW Fork Dead on Arrival ?

17 Sep 2022 3 minute read 2 comments kev_nag

“Following Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoW) roughly five different crypto assets were the main beneficiaries of Ethereum’s former hashrate. However, 24 hours after The Merge, anonymous developers launched an Ethe...

Ethereum Merge: 7 Things You Need to Know

16 Sep 2022 4 minute read 1 comment UniFarm

Ethereum Merge has proved to be a historic event in the not-so-long history of cryptocurrencies and blockchains. While some people are eager to be the first witness of the merge as they keep an eye on the countdown, some people are still wrapping the...

Ethereum Critic and Vitalik Buterin argued If PoS is a Punishment?

14 Sep 2022 1 minute read 2 comments Yugocean

Ethereum critic Udi Wertheimer has considered the rewards from PoS as no-yield and hinted at it as a penalty for those who do not stake. In his argument, Wertheimer also calls the stakers fools. It can be assumed that when Wertheimer made his claim,...