Proof of work: Difference between revisions
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Proof-of-Work, or PoW, is the original consensus algorithm in a Blockchain network. In Blockchain, this algorithm is used to confirm transactions and produce new blocks to the chain. With PoW, miners compete against each other to complete transactions on the network and get rewarded.<ref>https://cointelegraph.com/explained/proof-of-work-explained</ref> | Proof-of-Work, or PoW, is the original consensus algorithm in a Blockchain network. In Blockchain, this algorithm is used to confirm transactions and produce new blocks to the chain. With PoW, miners compete against each other to complete transactions on the network and get rewarded.<ref>https://cointelegraph.com/explained/proof-of-work-explained</ref> | ||
In short, miners compete against each other in solving complex computational puzzles. These puzzles are difficult to solve, but when solved, the solutions can be quickly verified. So, once a miner finds the solution to a new block, they can broadcast that block to the network. All other miners will then verify that the solution is correct and the block will likely be confirmed.<ref>https://www.binance.vision/blockchain/proof-of-work-explained</ref> | |||
== Video == | == Video == | ||
Latest revision as of 20:35, 8 March 2020
Advanced programming[1]
Proof-of-Work, or PoW, is the original consensus algorithm in a Blockchain network. In Blockchain, this algorithm is used to confirm transactions and produce new blocks to the chain. With PoW, miners compete against each other to complete transactions on the network and get rewarded.[2]
In short, miners compete against each other in solving complex computational puzzles. These puzzles are difficult to solve, but when solved, the solutions can be quickly verified. So, once a miner finds the solution to a new block, they can broadcast that block to the network. All other miners will then verify that the solution is correct and the block will likely be confirmed.[3]
Video[edit]