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Rachel Welch

26 September 2022 136 Read Blockchain

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What is PoW?

The PoW protocol involves finding parameters to a hash for a certain result. Often, the initial parameters of a hash cannot be obtained from the hash itself, so one must go through trial and error to find the initial parameters. Once these initial parameters are found, the user connects to the network, which assigns a computationally expensive task. They then need to solve this task to receive an economic incentive. In exchange for this economic incentive, they are compensated by using large amounts of computing power.

The Proof-of-Work protocol is an essential aspect of the Blockchain network. It enables peer-to-peer transactions and is a security feature. In order for the Blockchain to remain decentralized and secure, miners must solve an arbitrary mathematical puzzle.

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