The Proof of Work Consensus Mechanism

The Proof of Work Consensus Mechanism

Proof of work (PoW) refers to a system that deems a considerable but manageable amount of work necessary so that thoughtless or harmful utilization of computing resources is discouraged. Such harmful utilization includes, but is not limited to, spam emails or conducting denial of service attacks. Hal Finney adopted the PoW concept to secure digital money in 2004. He did this by making use of the SHA-256 hashing method and the notion of “reusable proof of work.” Having said that, no discussion of PoW…

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Fintelics

Fintelics

Software consulting company that focuses on emerging technology such as AI, Blockchain, Cloud Computing, and Data Engineering, MERN Stack, and Fintech