what is Proof-of-Work?-Definition of all finance terms

Definition of Proof-of-Work

Proof of work is a protocol that is commonly used in much of cryptographic applications. It is helpful in the generation of a block in a distributed blockchain-based network. Every minor must complete their POW to accept a block by network participants. Hash cash is one of an application of this method.

Brief Explanation of Proof-of-Work

Nowadays, cryptocurrencies like Bitcoin utilize POW software names as then once, so Hashcash, being a POW, regulates all these transactions through a blockchain to ensure that no bitcoin is used more than once for falsifying purposes.

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