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.
6 Mar 2020 3 minute read 0 comments Allen Walters
When people research new projects to potentially invest in, one of the questions that is often asked is: "What's the inflation rate?" What is inflation?Inflation or Inflation rate, is the increase in money supply. So the increasing amount of Dollars,...
2 Mar 2020 3 minute read 0 comments Gopherine
Cryptocurrencies are based on the decentralized database based upon consensus mechanism or in other words distributed ledger. Any data stored in this network are immutable(cannot be changed or deleted) as it is stored in different locations, without...
27 Feb 2020 3 minute read 0 comments EbriDan
INTRODUCING LYFCOIN STAKING PLATFORM How would you like to have complete control of your staked coins? An ability to customize your staked tokens with a beginning list of about 100 different erc20 tokens on the Ethereum blockchain? The staking smart...
10 Feb 2020 1 minute read 0 comments Diskcoin
The cryptocurrency market has recently experienced an unremarkable general rebound pattern, and it is indeed a bit unexpected under the situation of Bitcoin shock. Looking back at the background of all this, it was when the market fell sharply in mid...
3 Feb 2020 3 minute read 1 comment Diskcoin
What is DISC? DISC is a new cryptocurrency based on CPOC (Conditioned Proof of capacity). What is the POC consensus mechanism? POC, Proof Of Capacity. Capacity generally refers to hard disk capacity. POC was first born in 2014. The earliest cryptoc...
3 Feb 2020 2 minute read 0 comments lucasc
TrezarCoin is a hybrid proof-of-work / proof-of-stake cryptocurrency. Like Bitcoin, you can mine TZC (TrezarCoin), earning coin with your computation power. You can also stake it in your wallet, which is a much lighter task than mining and yields you...
27 Jan 2020 2 minute read 2 comments Adam Funnell
Very occasionally, I come across something that gives me goosebumps. Something that could really change the game. It is not often, and more often than not when a new protocol comes along, we seem to be going over old ground and very little changes. P...
26 Jan 2020 1 minute read 0 comments piotrillo
The problem of the Byzantine generals, also called problem of interactive consistency. This refers to a problem of consistency. It is about the task of making common and precise decisions in a network. The problem can best be described with a metapho...
20 Jan 2020 4 minute read 3 comments PegNet
One of PegNet’s selling points is decentralization — officially there is nobody in charge of PegNet. It works as long as the people using it agrees to play by the same rules, which at the moment is done by everyone using the same software: pegnetd. A...
19 Jan 2020 10 minute read 0 comments CryptoMarketing
The two most popular blockchain consensus algorithms -Proof of Work (PoW) and Proof of Stake (PoS). What are their basics, how do they work? Who invented them? What differentiates Pow and PoS and what do they have in common? Which one is more secure...
