Proof-of-Work (PoW) is a consensus algorithm used in blockchain networks to verify and validate transactions. In this mechanism, users called miners compete to solve a complex mathematical problem to confirm “blocks” of transactions on the blockchain. The first miner to solve the problem broadcasts their solution to the network, and if it is verified as correct by other nodes, the block is added to the chain. PoW is resource-intensive and requires significant computational power and energy consumption by miners, hence its nickname “mining.” The difficulty of the problem is adjusted to maintain consistency in the speed at which blocks are added to the blockchain. The goal of PoW is to ensure that the network remains secure and trustworthy by making it difficult and expensive for attackers to manipulate transaction records.
