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What is the Proof of work mechanism (Proof of work method)

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What is the Proof of work mechanism (Proof of work method)

What is the Proof of work mechanism? The Proof of work mechanism is a mathematical process consisting of multiple participants. It verifies whether a block can be accepted by calculation. Since there are no individual miners or nodes in the blockchain as accounting units, anyone can use this code and modify it. The consensus mechanism for workload is to use this algorithm to achieve consistency in workload

The Proof of work system (PoW) running on the Bitcoin network is a method based on the time weighted average function. Its purpose is to ensure that the longer it takes to generate new blocks per hour, the more transaction confirmations. The rules of the Proof of work system are different from the way of traditional computer operation, because everyone must process two tasks at the same time, that is, storing and extracting data. So we call it “state proof”, which represents the consistency and stability of workload with relatively little information, as well as the combination of various forms of data

Proof of work

It is reported that, according to the second part of the Proof of work “work” method, it explains why PoW (Proof Of Work) Cryptocurrency is needed and how to use it to create a new blockchain The proof of work method was proposed by VitalikButerin and was recognized in 2017 by modifying the hash value specification of Bitcoin. This law stipulates that anyone can conduct transactions by using a separate wallet address. In most cases, users can only send a small payment from their wallet. However, due to the decentralized nature of the Bitcoin network, transaction costs cannot be raised to an affordable level

The Proof of work method also describes a concept that if someone can perform the same work in the same way, then they can verify its authenticity, reliability and credibility. (the blockcrypto).

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