Definition ∞ Proof of Space is a consensus mechanism where participants demonstrate that they have dedicated a certain amount of storage space on their hard drives to secure a blockchain network. Instead of solving complex computational puzzles, participants allocate disk space to store large datasets, often called “plots.” The probability of proposing the next block and earning rewards is proportional to the amount of storage space a participant commits. This mechanism offers an alternative to energy-intensive proof-of-work systems.
Context ∞ Proof of Space emerged as a response to the environmental concerns associated with proof-of-work, aiming to reduce energy consumption in blockchain operations. A key discussion involves its security against various attack vectors and the economic viability for participants to maintain large storage capacities. Future developments are focused on optimizing the plotting process and ensuring fair distribution of block rewards to maintain network integrity.
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