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What is Proof of Work (PoW)

The Proof of Work consensus paradigm, first proposed in 1993, was intended to lessen the possibility of denial-of-service attacks and other malevolent computers. In the cryptocurrency world, the Proof of Work method makes use of a blockchain's decentralized nodes to execute difficult hash-based calculations required to solve a puzzle in order for a new block to be validated. This is referred to as "mining," and the prover node is paid with a portion of the blockchain's native coin. The Proof of Work technique ensures transactional security without the need for a centralized authority. It is, nevertheless, extremely energy-intensive. The Proof of Work model is now used by both Bitcoin and Ethereum.

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