This post is related to Blockchain & Bitcoin Technology. There are many technologies on which both of them depend. One of which is proof of work. The concept of “Proof-Of-Work” was first introduced in 1993 by Cynthia Dwork and Moni Naor. Later this concept was utilized in 2008 by Satoshi Nakamoto in the origin of Bitcoin.
Now, the definition of Proof-of-work:-
Proof-of-work ( in short- PoW) is the algorithmic process of the Blockchain Community.
How POW can be technically and non-technically defined. I have discussed both ways here
Technically PoW is outlined as:-
Proof-of-work is a consensus mechanism algorithm in Blockchain Community. The motive of a consensus mechanism is to deliver belief, belief amongst all of the nodes within the Blockchain Community.
Non-technically PoW is outlined as:-
Proof-of-work is a technique of verifying the authenticity of transactions in the Blockchain Community, without the necessity for a centralized third-party authority.
From Satoshi Nakamoto’s Whitepaper, the definition of PoW:-The “Proof-of-work” system is a protocol during which a tool will increase a sure degree of computational effort in a specified interval of time.
Moving ahead from definition to understand in an easy way:-
Proof of Work consensus is the mechanism of alternative for almost all the cryptocurrencies presently in circulation. The Proof of Work consensus algorithm is utilized in fixing a computationally difficult puzzle with the intention to create new blocks within the Bitcoin blockchain.
The proof-of-work additionally solves the issue of figuring out illustration in majority decision-making. If the bulk has been primarily based on one-IP-address-one-vote, it may very well be subverted by anybody in a position to allocate many IPs.
Proof-of-work is actually one-CPU-one-vote. The bulk choice is represented by the longest chain, which has the best proof-of-work effort invested in it. If a majority of CPU energy is managed by sincere nodes, the sincere chain will develop the quickest and outpace any competing chains.
Regarding security, how proof-of-work secure bitcoin blocks from hackers. To switch a previous block, an attacker must redo the proof-of-work of the block and all blocks after it after which meet up with and surpass the work of the sincere nodes.
More on PoW:-
The time period “Proof-of-work” is coined
As a mechanism for various safety causes together with server entry metering, development of digital time capsules, and safety in opposition to electronic mail spamming and different denial-of-service attacks.
Why “Proof-of-work” system invented
In 1992, when the Web, Faxes, and E-mail came into the mainstream.
At the moment, because of the rising variety of Spam emails, the “proof-of-work” system was invented. It prevents spam emails.
Bitcoin is the World’s First “Proof of Work” Blockchain invention.
What’s the point of ‘proof of work’?
Proof of work is a way of verifying digital transactions by running a computation on a piece of hardware that’s much faster than your normal machine. It is not a true proof of work that counts on math. The math is important, and there are a few theories that require this and there are a few basic scenarios (like banks using bank-issued currencies and tracking credits and debits on the blockchain), but the most basic is not that.
Further, proof of work is basically how we give machines a really high proof-of-work reward (such as for mining bitcoin). This is done in such a way that it is actually a huge attempt to eliminate humans from these kinds of computations. It’s a way to prove that someone else is paying for the computation.
In other words, for a system to work, you need to be convinced of it by someone else. If you want to write a program for a new operating system that is not yours, or you want to write a program for a new database for some business or something like that, or even a single program on your own computer, you don’t have any proof.
You have no proof. You don’t have any proof that you wrote it, because you’re running a program that’s paying other people. Now, this is one way you can solve the problem of running your own program, but it doesn’t solve the proof-of-work problem. The other way is you prove that the program you wrote does run.
to clarify that Proof of work is a lot harder than proof of correctness. And that’s something that some people believe is good proof of work. If you want to have proof of correctness, then a good way to do that is to write your program and have someone run it and ask for proof and be convinced by that. But this is not proof of work, and proof of work does not offer any proof of correctness.
Instead, proof of work is much more useful. Because it allows you to prove you have a program running. But without proof of correctness. No one really doubts that your computer has your program running because you’re running the program yourself. But with proof of work, you can prove you have it running with a payment that allows you to prove you have it running with proof of correctness.
The essence of proof of work is that no matter how many computers you have run if you pay more than they do, you can prove you have proof of work. So if you have five computers running your program and you pay three dollars per computer for it, then this means it’s proving your program to run on three computers, and this is proof of work.
We can also say the proof of work If you have proof of correctness for a program. Like you want to prove you have it running with proof of correctness, and you have proof of work. It shows it was paid for, then it’s actually proving your program to run on three computers, so it’s kind of proof of work. But now, you may not actually care. You don’t care about verifying that your program runs. It doesn’t matter if your program actually runs. What you care about is the proof of correctness for your program. But if you want to prove something about proof of work, it’s the proof of correctness. If you can prove your program to run, then this is proof of work. The definition of proof of work is the proof of correctness.
What does proof of correctness mean?
This is proof that if you prove your program to run, it has proof of correctness.
It actually works for the Developer of the program. But if you are not the creator or developer of the program, then you don’t have proof that it runs.
In conclusion, “Proof-of-work” is easy to understand for a programmer or developer but it is quite difficult to understand for a non-technical person. So if you are non-technical then you will have to read it many times to understand it. If possible, you can also take the help of other websites. It may be written in easier words than mine on another website.
Kindly Like & subscribe to my Post & Blog.