Proof of Work

What is Proof of Work?

Based on the so-called Proof of Stake (PoS) Proof of Work (PoW) move from an Ethereum Consensus. To determine the frivolous or malicious uses of computing power. Proof of Work required a feasible amount of effort. For instance, sending spam emails and service attack for launching denial. So, here we come to know the actual definition of Proof of Work (PoW).

What is Proof of Work?

It is the originally distributed consensus algorithm in a Blockchain network. It is a piece of data. Moreover,  it is very easy for the people to use and verify it. While it is difficult to produce for the developers. To produce a proof of work there need a lo of trial and error before generating a valid proof of work.

Certainly, different cryptocurrency uses different types of Hash proof of work system. For example- Bitcoin uses the Hashcash proof of work system.

What is distributed Consensus?

Distributed Consensus means if you want to send money to anyone, or want to receive money from anyone, you no need to ask help from third-party. You do not need to trust third-party services.

For example- in the traditional method, you need to use your third-party for the transaction, such as- Mastercard, Visa, Paypal, banks etc. They will keep your transactions and store you balance safely.

But, those, who want to make transactions with Bitcoin or other cryptocurrencies, they everyone has a copy of the public ledger Blockchain. So, they do not need any third party to be trusted.

Variants

There are two kinds of proof of work protocols.

  • Challenge-response: This protocol create a direct interactive relation between client and server. The server chooses a challenge, such as- a set with a property. And on the other hand, the client finds the relevant response in the set. Consequently, this set is sent back to the server and server will check and verify it.Proof of Work
  • Solution-Verification: This protocol does not create such relation or link. As a result, before seeking a solution by the client, the problem is being self-imposed. In addition with this, the server checks out the problem as well as find out the solution.Proof of Work

Moreover, the functions used by these schemes could be of the following kinds:

  • CPU-bound: It is based on the speed of the processor, it varies greatly from high-end server to low-end portable devices as well as time.
  • Memory-bound: Here the computation speed is based on main memory accesses.
  • Network-bound: Generally, this work is performed by the clients. If any clients want to perform computations, then he must have to collect tokens from the remote server. So, to collect tokens from the remote server from the final service provider the network can incur delay because of the latency.

Proof of Work and Mining

To define expensive computer calculation proof of work is required, and it is also called mining. Unlike the Bitcoin mining system, this mining system is performed in order to create a new group of transactions on a distributed ledger, which is called Blockchain.

These happen when a transaction is set:

  • Transactions make a block and bundled together
  • Miners verify the legitimacy of each block’s transactions
  • To verify the legitimacy, miners have to solve a mathematical puzzle (Proof of Work)
  • The first miner would receive a reward, who solves each block’s problem.

Written by Nicholas Tudu
I am a professional online trader. Have invested and been successful in many platforms. So I want others to follow my techniques and know how it really works. Moreover, I am writing articles for my different websites and an expert in SEO. So, adjusting these two experience together, I am looking forward to those folks, who really are interested in Cryptocurrency, ICO, Blockchain, and other Cryptocurrency Technologies.

One Reply to “What is Proof of Work?”

  • Leave a comment