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Which is the most popular proof of work algorithm?
The blockchain Proof-of-Work consensus algorithm is the oldest consensus mechanism and the most popular algorithm. Of course, there are many reasons that may have contributed to its popularity. But the primary rationale for its reputation is its capability to promote honesty in the decentralized ecosystem.
How does proof of work ( POW ) algorithm work?
With the help of the BFT characteristics, the PoW algorithm works in such a way so that nodes can validate a block within a network by solving a complex mathematical problem. While the first one to get the solution to the mathematical problem receives the consensus permission to choose a block to add to the blockchain.
Which is the best coin to use POW consensus?
Bitcoin remains the most popular coin to use PoW consensus. However, there are plenty of other coins that use this algorithm. Though before the halving period, Bitcoin remains profitable. But many miners are now looking for an alternative, as it gets more expensive and tougher to mine a block.
How does proof of Work ( PoW ) work in blockchain?
The nodes that participate in the computation are called miners, and the process of solving the problem is called mining. The community of miners is required to perform significant work to solve each successive problem. PoW makes it easy once a node creates a block for others to verify the process that led to the solution.
Last Update: Oct 2021
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