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

Proof of Work (PoW)

36 Articles 12 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.


How to stake your TrezarCoin (and withdraw from coinkit/graviex)

2 weeks ago 2 minute read 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...

PoW will be replaced? Can PoC start a new era of mining?

13 Jan 2020 3 minute read Diskcoin

Thanks to the consensus mechanism adopted by Bitcoin, BTC has been evaluated by many analysts as one of the most secure databases for human beings at the same time; at the same time, the high energy consumption problem caused by PoW is also increasin...

Opportunity is born in panic

1 week ago 1 minute read 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...

Cryptocurrency Mining with Argo Mining

11 Jan 2019 1 minute read maya

On the Crypto Confidence Podcast today I’m talking to Felicity Feinman from ArgoMining So many of our listeners are curious about crypto mining so Felicity joins us to explain more about that, about what ArgoMining are doing and how anyone can get i...

10 questions to let you know about DISC

2 weeks ago 3 minute read 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...

Minima - changing the game?

3 weeks ago 2 minute read 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...

Byzantine Fault Tolerance

3 weeks ago 1 minute read 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...

Reaching PegNet Community Consensus via PoW

20 Jan 2020 4 minute read 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...

Proof of Work (PoW) Vs Proof of Stake (PoS) Consensus Algorithm | An In-depth and Non-Technical Comparison

19 Jan 2020 10 minute read CryptoSorted

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...

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...