Loading...
proof of work 2017-11-03T04:29:15+00:00

What is Proof of Work (POW)?

Proof of work is the system used by Bitcoin and other altcoins. In short it means that you can only mine the cryptocurrency if you can show that you have used enough computational power to process the block, this can be done by anyone and the incentive for mining the block is usually a certain amount of the altcoin.

Proof of work a cryptographic technology that was created by Adam Back which allows us to prove that certain info is valid based on the amount of hashpower that has went into its computation. Bitcoin uses this technology as miners of Bitcoin must demonstrate the amount of hashpower/computational power they put into mining the block. A miner could attempt to ‘fork‘ the ledger and effectively change the transactions on there however this would be very difficult as no single miner or mining pool would have enough computational power to pull this off in theory. However, there is an argument that because money can be spent on certain devices which can mine bitcoin faster than most normal computers then if someone had enough money they could effectively spend enough money to have 51% or more of the computational power when mining a block and could effectively fork the transactions. This is what is known as a 51% attack

Recent cryptocurrency news

  • sharering ico token sale on bitguru

ShareRing Gains Tailwind From Its Inclusion Into The MOBI Automotive Consortium

May 25th, 2018|0 Comments

Australian blockchain startup ShareRing has been announced as one of the founding companies of MOBI, a new consortium aiming to integrate blockchain technology into the automotive industry. MOBI, which stands for Mobility Open Blockchain Initiative, [...]

  • stability coins

Best Alternatives To USDT Tether – Best Stable Coins To Use For Holding Value

May 25th, 2018|0 Comments

A stable coin is something used by cryptocurrency traders to temporarily cash out of a position. They're usually pegged to the price of 1 USD, so one will always be worth 1 USD. When anticipating [...]

  • NASDAQ powered crypto exchange Nasdaq file for blockchain patent

NASDAQ Powered Crypto Exchange to Spark Next Bitcoin & Cryptocurrency Bull Run

May 25th, 2018|0 Comments

After what can only be describes as another disappointing month for bitcoin and cryptocurrency markets alike. Investors are wondering when prices will turn back around. Bitcoin began the month strongly after pushing up to around [...]

  • sharia law bitcoin bitcoin permissible under sharia law

Bitcoin Permissible Under Sharia Law As London Mosque Becomes First To Accept it

May 25th, 2018|0 Comments

Roughly one month ago a renowned Islamic scholar declared that bitcoin was permissible under Sharia law. Opening up the world of cryptocurrencies to 1.6 billion muslims worldwide. Fast forward one month and a London Mosque [...]

Follow us on Social Media: