« Back to Glossary Index

Proof of Work or PoW is referred to as the decentralized consensus mechanism requiring the members of a network to expend effort solving an arbitrary mathematical puzzle to prevent anybody from gaming the system. This algorithm is used in blockchain to confirm transactions and produce new blocks to the chain. The miners compete against each other in order to complete transactions on the blockchain network and get rewarded.

« Back to Glossary Index

Check Also


eToro Review: A Guide To Trading On The Popular Platform

If you’re looking to invest in the stock market or cryptocurrency, eToro might be the …