BITCOIN
$22,885.68
%-1.06
ETHEREUM
$1,573.50
%-0.66
DOGE
0.09219000
%7.26
BINANCE COIN
$310.30
%0.94
RIPPLE
0.40090000
%0.38
SOLANA
$23.77
%-1.78
SHIBA
0.00001171
%0.95
coins

What is Proof-of-Work?

Proof-of-Work (PoW) is a consensus mechanism used in some blockchain networks to validate transactions and add new blocks to the chain.

In a PoW system, miners compete to solve complex mathematical problems and are rewarded with a certain number of tokens for each problem they solve. The first miner to solve the problem gets to add the next block to the blockchain and receives the reward.

The process of solving these problems is known as mining, and the miners that participate in the process are known as "miners".

The main advantage of PoW is that it is a secure way to reach consensus on the state of the blockchain, as it requires a significant amount of work to add a new block to the chain. This helps to prevent malicious actors from tampering with the blockchain or adding false information to it.

However, PoW systems can be resource-intensive, as they require a lot of computing power to solve the mathematical problems. This can make them less efficient than other consensus mechanisms, such as Proof-of-Stake (PoS).