What is Proof of Work?
Proof-of-work (PoW) is a type of consensus algorithm that is used by some blockchain platforms to achieve distributed consensus. It is a mechanism that requires users to perform a certain amount of work in order to participate in the consensus process and create new blocks on the blockchain.
In a PoW system, users compete to solve a computationally difficult problem, and the first one to solve it gets to create the next block and earn a reward. This process is known as “mining.” The difficulty of the problem is adjusted dynamically so that the average time to create a new block is constant.
PoW is used by many cryptocurrencies, including Bitcoin, as a way to secure the network and ensure that it is resistant to attack. One advantage of PoW is that it is relatively simple to implement and understand. However, it can be resource-intensive, as it requires users to perform a lot of computation in order to participate in the consensus process. This can make it costly and energy-inefficient to operate.