What is Proof of Work?

1
478
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 attacks for launching denial. So, here we come to know the actual definition of What is 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 people to use and verify it. While it is difficult to produce for the developers. To produce proof of work there needs a lot of trial and error before generating a valid proof of work. What is 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 don’t need to ask for help from a third party. You do not need to trust third-party services. What is Proof of Work

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 your balance safely.

But, to those, who want to make transactions with Bitcoin or other cryptocurrencies, 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. What is Proof of Work

  • 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 the server will check and verify it.Proof of Work
  • Solution-Verification: This protocol does not create such a relation or link. As a result, before seeking a solution by the client, the problem is being self-imposed. In addition to this, the server checks out the problem as well as finds 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 they 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 are 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.

1 COMMENT