PoW stands for Proof-of-Work, a consensus mechanism used by many blockchains. It requires participants, known as miners, to solve complex computational puzzles to validate transactions and create new blocks. This process secures the network by making it computationally expensive to alter the ledger.
Context
Proof-of-Work is a foundational element of Bitcoin and other cryptocurrencies, but its energy consumption is a subject of considerable debate. Discussions frequently contrast PoW with more energy-efficient consensus mechanisms like Proof-of-Stake. The environmental impact and scalability limitations associated with PoW are key areas of ongoing analysis and development.
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