Proof Of Work In Blockchain

Asslamo-alikum to all of my friends of Steem Alliance Community.Is everything is ok? my friends.I am very fine and hoping mine friends are fine.I'm back again on work after a while, today's I'm here to explain the new topic of blockchain, which is about the Proof Of Work.I will cover it's work, verification system and issues.

Overview:- Proof of work in blockchain is a decentralized system that validates transactions in the blockchain, verifies them, and adds new blocks to the blockchain.To see how much work has been done on the blockchain so that when a new block is added to the blockchain, all the work is proof-of-work.

In a blockchain, there are many miners who make transactions.In a public blockchain, proof-of-work is used to validate and verify the transactions that are taking place. Many transactions per second validate and verify them and also add new blocks to the proof-of-work blockchain. done and accordingly the new block is added to the blockchain.

Proof-of-Work lets consensus instead of trust in the blockchain so that all transactions that are being validated or verified are free of scams and no transaction is duplicated.Proof of Work in Blockchain was first used by Bitcoin, working in public blockchain, Blockchain could validate and verify their transactions with the help of Proof-of-Work.

Explanation:- Any public blockchain does not have any private authority, it is a public blockchain and there is no third party involved but whenever we do any transaction, we need a bank or any other person.Proof-of-work is used in blockchain to eliminate the involvement of third parties at the time of transaction in blockchain.Proof-of-work in blockchain is not handled by any third person or any third party, rather it is a public tool that validates and verifies transactions within seconds and in public blockchain.

A proof-of-work is basically a computer network system that is a software that validates and verifies transactions in the blockchain and adds blocks to the blockchain.To do all this, the proof-of-work blockchain consumes a lot of energy and a lot of effort.Proof-of-work is also known as Algorithm in Blockchain because third parties are removed by using any algorithm, No tax or scheme of any kind are left while using it.

When the transactions are validated in the blockchain, the proof of work gets the digital list of created of all the transactions,the blocks of blockchain has limited version of transactions and then they combined the transactions and then the miners compete with each others.The miner who first validates the transaction and adds the block to the blockchain, earns the highest reward.

The miner who has more computers and the miner whose computer or machinery is consuming more energy has the power to validate the transaction faster and when he validates, the miner transaction it is considered and he get reward in the form of cryptocurrency.

Verification System:- Proof-of-work is used to validate and verify transactions in the blockchain.The verification mechanism is that when any miner validates a transaction in the blockchain, all the data of that transaction, is added to the block of the blockchain, it is recorded, so even if someone wants to do a scam, he cannot do it.

The verification system has the advantage that there is no double spending, so it is the best way to do verification.First, the proof-of-work on the ledger checks that all the nodes in the blockchain, and then first check that the two people between whom the transaction is taking place have the proper assets for transaction, and then it verify it and the transactions has been automatically done and can one can do scam.

Issues:- Proof-of-work blockchain also has many issues, the most common issue is that it consumes a lot of energy, and the miners have a lot of energy in their computers or machines, first validates the transaction and adds the block to the block chain and other miners get less reward also it is a very slow system in the blockchain it works very slow.

Also, the biggest issue with this is that whenever someone in the blockchain gets 50 percent or more of their Bitcoin mining reward, all of their roles are lost.Whoever owns more than 50 percent of the bitcoin transaction reward, gain the mining authority, which makes proof-of-work ineffective and involves third parties.These are some major issues in Proof of Work.

Conclusion:- So friends, that's all about Proof-of-Work in blockchain.It's a algorithm used in the blockchain to validate and verify the transaction.Whose validate the transaction first, can add the block to the blockchain.Proof of work removes the third party system in transactions in the blockchain.It has some issues , that i have explained.I hope mine all friends will understand about Proof-of-Work after reading this post.Good Bye!