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Software-Engineering-10IS51-unit-3-->View question

Describe the working of a PoW Blockchain.

To date, the majority of activity in the greater blockchain ecosystem has been secured by PoW blockchains such as Bitcoin and Ethereum.


Asked On2022-06-23 07:43:39 by:Glory

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Proof of work (PoW) is a decentralized consensus mechanism that requires members of a network to expend effort solving an arbitrary mathematical puzzle to prevent anybody from gaming the system.
Proof of work is used widely in cryptocurrency mining, for validating transactions and mining new tokens.
Due to proof of work, Bitcoin and other cryptocurrency transactions can be processed peer-to-peer in a secure manner without the need for a trusted third party.
Proof of work at scale requires huge amounts of energy, which only increases as more miners join the network.
Example:-Proof of work requires a computer to randomly engage in hashing functions until it arrives at an output with the correct minimum amount of leading zeroes. For example, the hash for block #660000, mined on Dec. 4, 2020 is 00000000000000000008eddcaf078f12c69a439dde30dbb5aac3d9d94e9c18f6. The block reward for that successful hash was 6.25 BTC.

Answerd on:2022-06-23 Answerd By:suman

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