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

Proof of Work (PoW)

109 Articles 48 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.


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,...

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...

Consensus in a Decentralized Network

9 Sep 2020 4 minute read 0 comments Simplify Crypto

We have been learning how Bitcoin mining works and the Proof-of-Work algorithm that validates it. In this article, we will try to understand more deeply how it is possible to create a universal truth accepted by all who are part of the network and wi...

Proof of Work vs Proof of Stake vs Proof of Importance - Blockchain

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...

Opportunity is born in panic

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...

Bitcoin Vs Ethereum PART 1 | Every thing you need to know

1 Jun 2020 3 minute read 0 comments Cryptohem

 In the world the cryptocurrency Bitcoin and Ethereum can be considered as the parent of all the cryptocurrency.For now both ETH and BTC works on proof of stake mechanism. But Ethereum will be change to Proof of stake consensus mechanism after some p...

Upcoming PoS Variations - How They Improve Your Staking Experience

12 Jul 2020 4 minute read 0 comments Chriss

The cryptocurrency world is always evolving, with better innovations coming into the ecosystem. Consensus mechanisms are not left behind when it comes to progression. When Proof-of-Stake got introduced as an alternative to Proof-of-Work, it already h...

DigiByte Resurrection to Take Place at Their Most Hated Exchange?

17 Jul 2020 2 minute read 1 comment Tikyi Khant

7/17/2020I've been doing trading analysis on some coins from Binance/Okex & I found something interesting in DigiByte.So,Let's start with a little dramatic story.Most of us know there were very long feuds that took place publicly between Binance Foun...

Brainwaves as proof-of-work for cryptocurrencies: Microsoft's shocking idea

1 Apr 2020 2 minute read 0 comments ManCrypto

Brainwaves as proof-of-work for cryptocurrencies: Microsoft's shocking idea   The Colossus of Redmond puts forward a patent application focused on a very particular concept: collecting body parameters to demonstrate that it has performed a task Micro...

KIWI Proof of Work Token

14 Aug 2020 1 minute read 0 comments afronomad.eth

KIWI is a community project and one of the first mine-able ERC20/918 tokens. No pre-mine or ICO. Thus, it has intrinsic value, fair distribution, and no corporate agenda.   KIWI is used in crypto currency payments, NFT trading, engagement rewards, a...