This video on Proof of work in Blockchain covers all the necessary details required from basics to advance to understand what is proof of work. This video will give you an idea how this consensus mechanism work and how it plays an important role in the Blockchain Technology as well as a gist over the critisims face by proof-of-work and implementation of proof-of-stake. It will also give you insights over how Proof-of-Work is related to mining. At the end of this video, all your concepts related to Proof-of-Work will be solved. In this tutorial you will learn:
00:00 – Introduction
00:47 – introduction to blockchain
01:09 – what is proof of work
01:49 – how does proof of work work
03:52 – why do we need proof of work
05:47 – issues with proof of work
06:34 – blockchain working with proof of work
What is Proof-of-Work(Pow)?
Proof of work (PoW) refers to a mechanism that discourages pointless or harmful uses of computing resources, such as altering any data stored in the Blockchain network, by requiring a not-insignificant but doable amount of effort. In PoW, users compete against one another to use powerful computers to solve extremely difficult computational puzzles, and this process is known as “Mining.” The first person to generate the 64-digit hash gains the privilege of creating a new block, validating transactions, and earning a fixed sum of cryptocurrency, referred to as a “block reward.”
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