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.

Cryptocurrency mining using brain activity

4 Apr 2021 1 minute read 4 comments hermesmensageiro

Watch the 3-minute video via Cryptocurrency mining using brain activity   Hello how are you? Did you know that Microsoft intends to use your brain's energy to mine cryptocurrencies? Before discussing this topic, it is necessary to clarify for those w...

Proof of Work (poW) vs. Proof of Stake (poS)

3 Apr 2021 1 minute read 0 comments cryptonerd2021

What is Proof of Work? Proof of Work is common in most blockchains, it's where people's computers solve a complex math problem. First computer to solve it gets to add the block to the blockchain. Whoever adds the block to the blockchain gets to keep...

Delayed Proof of Work simplified

2 Apr 2021 1 minute read 0 comments nervi

The Proof of Work consensus is probably known to everyone. It is used by Bitcoin, Ethereum or even Dogecoin. A new solution is the so-called dPoW, or Delayed Proof of Work. This is a mechanism designed by Komodo. In a nutshell, it is a modified versi...

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...

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...

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)...

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,...

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...

Bitcoin Mining businesses are affected due to global shortage of Bitcoin Mining Rigs

8 Feb 2021 1 minute read 3 comments Greenchic

   Shortage of Bitcoin Mining Rigs for Bitcoin Miners to mint new Bitcoins Bitcoin demand has obviously been high of late, which reflected in BTC’s rising price, this has led to a demand for more Bitcoin mining machines, which are used by Bitcoin min...

Josiah Spackman on DigiByte and Proof-of-Work Mining's Challenges

2 Feb 2021 1 minute read 2 comments TheDesertLynx

Josiah Spackman, a.k.a. DGB_Chilling, comes on the podcast to discuss the particulars of proof-of-work mining, the various types of mining algorithms, with the drawbacks and benefits of each approach, in the context of recent 51% attacks. We go into...