What is Proof of Work?

 Proof-of-Work is also commonly abbreviated as PoW. Proof-of-Work (PoW) is the oldest method of consensus. The idea for Proof of Work(PoW) was first published in 1993 by Cynthia Dwork and Moni Naor and was later applied by Satoshi Nakamoto in the Bitcoin paper in 2008.

Proof of Work consensus is the mechanism of choice for the majority of cryptocurrencies currently in circulation. The term “proof of work” was first used by Markus Jakobsson and Ari Juels in a publication in 1999.

It is essentially a network that prevents double-spending, and the big cryptocurrencies use it as the consensus algorithm.

A PoW algorithm works in such a way that nodes within a network have to solve a math problem in order to construct the next block. Second, the one who gets the solution to the math problem gets the consensus permission to pick the block that should be added next to the board. 

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