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Difference between revisions of "Proof of Work (PoW)"
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(Created page with "The consensus algorithm used to validate transactions on the blockchain, which requires users to solve complex computational puzzles to add new blocks onto the chain. == Sources: == https://fintechmagazine.com/financial-services-finserv/140-blockchain-and-crypto-words-ultimate-z-glossary Category:Glossary") |
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The consensus algorithm used to validate transactions on the blockchain, which requires users to solve complex computational puzzles to add new blocks | ==Introduction== | ||
The Proof of Work 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. <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]] | ||