What is Proof of Work in the Blockchain Consensus Algorithm?
There is a possibility for everyone to know about Blockchain but what about the blockchain algorithm? Do you guys have any idea about it? So let’s see in short detail Proof Of Work (POW) This concept was firstly used by sathosi Nakamoto - the inventor of bitcoin. The release of bitcoin white paper denoted that “ The only way to overcome the 51% attack is Proof - of work concept” “51% attacks are nothing but whenever a single entity control over 50% of the entire network hash rate, then it will be considered as a 51% attack. “ How a block gets validated in blockchain(POW)? Proof of work will prevent this attack by distributing the hash rate, and mining power throughout the network. This idea was published by Cynthia Dwork in 1993 but was named as “Proof of work” by Markus Jacobson in 1999. How POW Works? It is solely used for the mining process. In the Mining Process, you have to solve complex mathematical puzzles in order to search for a particular crypto...