Proof of Work

Phonetic: /pruf əv wɜrk/

Part of Speech: noun

Category: To be determined

A consensus mechanism in which each block is ‘mined’ by one of the nodes, or a group of nodes, on the network. The computational process involved in committing a series of transactions into a block on the network, known as ‘hashing a block’, is technically quite simple, and therefore subject to attack. Under PoW, each miner must solve a math problem to find a set, difficult variable in order to be able to propose their block to the network as the next to be ‘mined’. In effect, the process of hashing each block becomes a competition. This addition of solving for a target increases the difficulty of successfully hashing each block, and consequently the security of the network. For each hashed block, the overall process of hashing will have taken some time and computational effort. Thus, a hashed block is considered Proof of Work, and the miner that successfully hashes the block first receives a reward, in the form of cryptocurrency. PoW is singificantly more energy-intensive than other consensus mechanisms, such as Proof of Stake.

Definition source: Consensys Software Inc., A Blockchain Glossary for Beginners

Sample sentence

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Additional definitions

Proof of Work is a crypto consensus mechanism where miners use special equipment to solve cryptographic puzzles to validate transactions and create new blocks.

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This word came from... the ether

Date first recorded: 2025-01-31

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