Proof of work is powerful. POW is the original consensus in the Blockchain network. This is how transactions on the chain are confirmed. Confirmations rely on nodes, which rely on mining. An immense amount of computational power is required to solve the algorithms that create consensus. One piece is the Hash Function, better known as how to find an input from a known output. An integer factorization, too; how to present a number as a product of two other numbers. The answer to a proof of work ‘math problem’ is called a hash.
As the Blockchain network grows, it requires more and more hash power to solve an increasing number of equations. This creates some difficulty. BLUF: Accurate work and speed of Blockchain systems depend on Proof of Work, the block generation. Easy problems leave too many vulnerabilities, which is why the algorithms must be complex. This prevents spam, DDoS, theft. And this is why transparency is of utmost importance. Proof of Work relies on transparency of the work being done. A hash of each block contains the hash of the previous block to increase security. Miners use enormous energy solve these puzzles and generate new blocks. These are considered and confirmed. The most famous application of POW is Bitcoin.
#HASHCASH (Love to 1997 , Adam Back, and the Byzantine Generals)
Bitcoin offers POW every ten minutes. Can you imagine how much money and time it would entail to try to corrupt this enormity? Ha! Currently no one owns 51% or a great majority of the Block power. If that ever did happen, a 51% attack could create transaction reversal. The importance of a decentralized network is to avoid such large majority ownership.
Is this actually harmful to the environment? (Hint: I don't think so.)
Is PoW better than PoS? Comment!
Hence the power of long term thinking.
