What is proof-of-work in Blockchain

What is proof-of-work in Blockchain

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What is proof-of-work in Blockchain

There are many terminologies in Blockchain “Proof-of-work” is amongst them.

In this section, you will get full information on Proof-of-work that will help you to understand this terminology easily.

Proof-of-work ( in short- PoW) is an algorithmic process in Blockchain networks.

Technically PoW is defined as:-

Proof- of-work is a consensus mechanism algorithm in Blockchain Network.
The motive of a consensus mechanism is to bring belief, trust among all the nodes in the Blockchain Network.

None-technically PoW is defined as:-

Proof-of-work is a method of verifying the authenticity of transactions in Blockchain Network, without the need for a centralized third-party authority.

The idea of “Proof-Of-Work” was first presented in 1993 by Cynthia Dwork and Moni Naor.

Later this idea was used in 2008 by Satoshi Nakamoto in the origin of Bitcoin.

Proof of Work consensus is the mechanism of choice for the majority of cryptocurrencies currently in circulation.

The Proof of Work consensus algorithm is used in solving a computationally challenging puzzle in order to create new blocks in the Bitcoin blockchain.

The proof-of-work also solves the problem of determining representation in majority decision-making.

If the majority were based on one-IP-address-one-vote, it could be subverted by anyone able to allocate many IPs.

Proof-of-work is essentially one-CPU-one-vote.

The majority decision is represented by the longest chain, which has the greatest proof-of-work effort invested in it.

If a majority of CPU power is controlled by honest nodes, the honest chain will grow the fastest and outpace any competing chains.

To modify a past block, an attacker would have to redo the proof-of-work of the block and all blocks after it and then catch up with and surpass the work of the honest nodes.

From Satoshi Nakamoto’s Whitepaper “proof-of-work” is defined as:-

The “Proof-of-work” system is a protocol in which a device increases a certain level of computational effort in a specified interval of time.
 

The term “Proof-of-work” is coined for:-

As a mechanism for a number of security reasons including server access metering, construction of digital time capsules, and protection against email spamming and other denial-of-service attacks.

Why “Proof-of-work” system invented

  • In 1992, when the Internet, Faxes, and E-mail came into the mainstream.
  • The “proof-of-work” system was invented due to the increasing number of Spam emails.
  • It prevents spam emails.

Bitcoin is the World’s First “Proof-of-Work” invention.

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