CMCGlossary of the Day: Proof-of-Work (PoW) 🔥 PoW paves the way for many cryptocurrencies including Bitcoin and Ethereum to work without the involvement of a government or company. 👉 Details:
This consensus mechanism is crucial to avoiding double spending — ensuring that a coin or token isn't used more than once to facilitate a transaction.The network approves a block each time a cryptocurrency miner successfully completes PoW behind the block.
In the case of BTC, cryptocurrency miners are tasked with the objective of creating aThis consists of a hash which is frontloaded with multiple zeros. The probability of achieving a hash that has several zeros at the front is rather low.The reason why PoW makes it so difficult to tamper with any part of the blockchain has to do with the fact that any alteration would require all blocks to be edited.
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