Proof of Work (PoW)

Proof of Work (PoW) is a consensus mechanism used by major global blockchains such as Bitcoin, Ethereum, and Dogecoin. Proof of Work (PoW) blockchains achieves trust and network security when miners send the hash to solve difficult math problems, verifying network transactions and extracting un-mined tokens. Miners and the difficult math they solve are the core of PoW blockchains. Proof of Work blockchains requires that good actors control 51% (or more) of the mining hash; otherwise, what is known as a 51% attack can be carried out to attack and essentially re-write the blockchain. While a 51% attack against a major chain such as Bitcoin or Dogecoin is not realistic, 51% attacks are common in low cap PoW altcoins. One criticism of Proof of Work (PoW) is the massive amount of electricity required to operate all of the world’s cryptocurrency mining equipment. Some experts estimate that up to 0.55% of the world’s electricity is now used to mine Proof of Work (PoW) cryptocurrencies and crypto tokens!