Proof of Work

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Meaning of Proof of Work

PoW is a crypto algorithm which requires to perform a certain amount of computational work in other to mine a block successfully on a Blockchain and get new coin as miner reward.

Proof of work was a concept originally designed to sieve spam emails and prevent DDoS attacks (See DDoS). A Proof of Work is essentially a datum that is very costly to produce in terms of time and resources, but can be very simply verified by another party.

The proof of work for Bitcoin is referred to as a “nonce,” or number used only once.

This has been considered an energy intensive alternative to proof of stake as the computers unfortunately have to be on and running, which also drives the market towards centralization of hashing power, which is what the Blockchain aims to defeat!

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