What is Proof-of-Work in Cryptocurrency?
Proof-of-Work (PoW) is a consensus algorithm used by many cryptocurrency networks to validate transactions on the blockchain.
PoW is used to secure the network and prevent double-spending of digital assets by requiring miners to complete complex mathematical puzzles to create new blocks and add them to the blockchain.
In return for their work, miners are rewarded with newly minted coins and transaction fees. PoW is a key component of the decentralized cryptocurrency ecosystem, providing an incentive for miners to secure the network and prevent malicious actors from taking control of it.