Proof-Of-Work (Pow)
| Proof-of-Work (PoW) is a consensus mechanism where miners must solve extensive mathematical puzzles in order to verify transactions and add new blocks. PoW is the most common consensus mechanism in cryptocurrency systems today. Bitcoin, the first and most well-known cryptocurrency, uses PoW. When a new block is created, miners compete to be the first to find a solution to a mathematical puzzle. The first miner to find a solution is rewarded with cryptocurrency. The solutions to the puzzles are difficult to find but easy to verify. This makes PoW a secure way to verify transactions and add new blocks. |
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