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.


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...

What is exactly PoW ?

11 Aug 2020 1 minute read 1 comment yanis

Because mining is only making proofs of work, and is well known in the crypto, I will try explaining you what it is exactly   Hash In the PoW, we solve hashes. An hash is a deterministic cryptographical function that doesn't allow to retrieve origina...

Ethereum Classic Experienced its Second 51% Attack in a Week

6 Aug 2020 1 minute read 0 comments Abhimanyu Krishnan

Ethereum Classic (ETC) experienced its second 51% attack in roughly a week, after the Ethermine pool’s parent entity Bitfly reported that 4000 blocks had been reorganized on August 6. The amount stolen is currently unknown. This is the second attack...

A Complete Guide to Leased Proof-of-Stake (LPoS)

24 Jul 2020 4 minute read 4 comments Chriss

A consensus algorithm is one of the significant pillars of blockchain technology. Proof-of-Work (PoW), developed by Satoshi Nakamoto in 2008, was the first consensus mechanism. In essence, nodes compete against each other to validate a transaction on...

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...

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...

Proof of Stake Vs Proof of Work: The quest for healthier consensus algorithm.

4 Jul 2020 8 minute read 4 comments Dzoelx

Unarguably one of the biggest events expected to happen soon on the crypto space is ethereum moving from Proof of Work to Proof of stake. I’m sure a couple of investors just saved up at least 40 ether coins waiting to put them on the stake. Poor me!,...

PoW and PoS mining.

3 Jul 2020 1 minute read 0 comments Jandmade

In the crypto world when we talk about mining we refer metaphorically to the process of extracting cryptocurrencies. There are several types of mining even though the most recurring are the so-called PoW and PoS. PoW is the acronym for Proof of Work,...

Peercoin: Pioneer of Proof of Stake

1 Jul 2020 1 minute read 11 comments renangeographia

Have you ever heard about Peercoin? We can consider Peercoin as one of those dinosaurs that exist since the most remote eras of the crypto and blockchain, as old as Bitcoin and Litecoin, we can consider it too. Besides a peer-to-peer cryptocurrency,...

Why Monero is the best privacy coin?

19 Jun 2020 3 minute read 0 comments Cryptomeitei

Privacy is something everyone is talking about in crypto space. Being decentralised in nature privacy is one of the necessary feature in cryptocurrency inorder to secure our crypto assets from outsiders.one main thing that differenciates  privacy coi...