Crypto What is Proof of work (PoW) ?

Yugocean

Valued Contributor
A Proof of Work (PoW) algorithm is a decentralized mechanism that requires solving a complex mathematical puzzle in any system of a network, this is also an ability of manipulation.

Mining - Creating a cryptocurrencies under Proof of Work is called mining, it requires a huge amount of energy and hardware controls. The complexity is adjusted from time to time so that the result is consistent with the mining time.

Transaction - This is a form of zero-knowledge proof in which one party (the provider) sends the proof to the other party (the verifier) of having spent a certain amount of a specific computational effort. Verifiers can verify this expenditure with minimal effort on their part. It was first used by Satoshi Nakamoto in a bitcoin transaction with computer engineer Hal Finney.

Some better examples of Proof-of-Work cryptos other than Bitcoin are -

Dash (DASH) , Litecoin (LTC) , Monero (XMR) , Dogecoin (DOGE) , Bitcoin Cash (BCH) , Bitcoin SV (BSV) , ZCash (ZEC) , Verge (XVG) , Vertcoin (VTC)
 

Mika

VIP Contributor
I have heard the term Proof-of-Work but I did not realize what this was until I stumbled upon this thread. Thanks for enriching my knowledge on this topic. Now I understand Proof-of-Work is an algorithm that creates crypto currency, which is created through the process of solving complex mathematical problems, popularly called mining.
 
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