What is Proof of Work(PoW)
Definition Proof of Work Proof of work or PoW is a system that has the main objective of preventing cyber attacks. For example, such as sending malicious e-mail, spam, or such as a distributed denial of service (DDoS) attack, a cyber attack can consume a computer’s system resources by simply sending a few fake requests. This PoW concept existed before Bitcoin existed. The idea of PoW was previously published by Cynthia Dwork and Moni Naor in 1993. However, the term “proof of work” itself was created by Markus Jakobsson of Ari Juels in a document published in 1999. This concept was later adapted by Hal Finney in 2004 to secure digital money. Through the idea of “Reusable proof of work”, it uses the SHA-256 hashing algorithm. Explanation Proof of Work This explanation will focus on proof of work because of its function in the bitcoin network. Bitcoin is a digital currency supported by a kind of distributed ledger known as “blockchain”. This ledger contains records of all...