Proof of Work

What is Proof of Work?

Many cryptocurrencies employ the proof-of-work (PoW) consensus process to approve transactions and add new blocks to the blockchain. Through the PoW procedure, miners compete with one another to solve challenging mathematical riddles. A fixed quantity of cryptocurrency is awarded to the miner who solves the challenge first.

Proof of Work is intended to be a decentralized, secure system that is challenging to hack or manipulate. Miners must use a specific amount of processing power and energy to solve the mathematical challenge linked to each new block before they may add it to the blockchain.

The algorithm is made to make it harder and harder for miners to figure out the riddles. Miners must expend more processing power and energy as the difficulty rises. It is more difficult for malicious actors as the challenges get harder. This contributes to maintaining the integrity of the transactions on the blockchain and their security.