Difference between revisions of "Proof of Work (PoW)"
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==Environmental Concerns== | ==Environmental Concerns== | ||
Proof of Work consensus algorithm blockchains such as Bitcoin and Ethereum have come under public scrutiny and criticism because of the high power consumption to run the network. University Cambridge research showed that the largest PoW blockchain, Bitcoin accounts for 0.6% of the global energy consumption. <ref> https://medium.com/oasis-protocol-project/proof-of-work-vs-proof-of-stake-which-is-better-for-the-environment-d6ca69a61411 | Proof of Work consensus algorithm blockchains such as Bitcoin and Ethereum have come under public scrutiny and criticism because of the high power consumption to run the network. University Cambridge research showed that the largest PoW blockchain, Bitcoin accounts for 0.6% of the global energy consumption. <ref>https://medium.com/oasis-protocol-project/proof-of-work-vs-proof-of-stake-which-is-better-for-the-environment-d6ca69a61411</ref> | ||
== Sources: == | == Sources: == | ||
https://fintechmagazine.com/financial-services-finserv/140-blockchain-and-crypto-words-ultimate-z-glossary | https://fintechmagazine.com/financial-services-finserv/140-blockchain-and-crypto-words-ultimate-z-glossary | ||
[[Category:Glossary]] | [[Category:Glossary]] | ||
Revision as of 11:52, 29 April 2022
The consensus algorithm is used to validate transactions on the blockchain, which requires users to solve complex computational puzzles to add new blocks to the chain.
Environmental Concerns
Proof of Work consensus algorithm blockchains such as Bitcoin and Ethereum have come under public scrutiny and criticism because of the high power consumption to run the network. University Cambridge research showed that the largest PoW blockchain, Bitcoin accounts for 0.6% of the global energy consumption. [1]