Antlia

What is Proof of Work (PoW) ? The term “proof of work” was coined by Markus Jakobsson and Ari Juels in 1999. It's relevant to bitcoin. Proof of work is a protocol which is designed for secure digital transactions without any interference of 3rd parties. This work is based on previous puzzle solutions. Proof of work may be a method of  authenticating the current and past transitions. Basically this work is used in solving the puzzle generating rewards for whoever solves it called mining. Simply this is an algorithm that is designed to authenticate transactions and obtain new blocks added into blockchain. In Proof of work, miners are competing or fighting to solve a mathematical puzzle which will generate the new block then get the rewards as a bitcoins. Benefits of Proof of Work Proof of work reduces the risk of 51% attack because it is very difficult to do work. The whole bitcoin network cannot be controlled by single handedly based on the Hashcash Proof of work system. The miner n...