Questions About Crypto Terminologies
Quote from BASHIR SHUAIBU on 1 September, 2022, 19:05What is the meaning of Proof of Work (POW) in Cryptocurrency ?
What is the meaning of Proof of Work (POW) in Cryptocurrency ?
Quote from Anton Broman on 3 September, 2022, 15:11Quote from BASHIR SHUAIBU on 1 September, 2022, 19:05What is the meaning of Proof of Work (POW) in Cryptocurrency ?
To briefly summarize Proof of Work: It is a decentralized consensus algorithm used for validating transactions and mining new tokens in a blockchain. The PoW algorithm provides certain incentives called block rewards to miners who solve an arbitrary mathematical puzzle. This ensures continuous work and progression in a blockchain's functioning, of which new transactions can be validated and new blocks added (in a relatively short time). In addition, the puzzle is very difficult to solve, keeping bad actors away and sustaining a high-security factor.
Quote from BASHIR SHUAIBU on 1 September, 2022, 19:05What is the meaning of Proof of Work (POW) in Cryptocurrency ?
To briefly summarize Proof of Work: It is a decentralized consensus algorithm used for validating transactions and mining new tokens in a blockchain. The PoW algorithm provides certain incentives called block rewards to miners who solve an arbitrary mathematical puzzle. This ensures continuous work and progression in a blockchain's functioning, of which new transactions can be validated and new blocks added (in a relatively short time). In addition, the puzzle is very difficult to solve, keeping bad actors away and sustaining a high-security factor.