How Proof Of Work works and why try to get rid of it?
We hear a lot about Proof Of Work and Proof Of Stake. And It’s hard to talk about Blockchain Platforms like Bitcoin and Ethereum without getting into mining. But what is Proof Of Work? How does it work and how does it relate to mining? More critical: why are some projects trying to get rid of it? The Need For Proof Of In a Distributed Consensus Platform architecture, you find:
What is the use of Proof Of Work and Proof Of Stake algorithms?
The Ethereum project is in the process of getting rid of the Proof Of Work Algorithm. We’re going to see a Proof Of Stake algorithm running at a significant scale (Casper). But what are these Proof Of Work and Proof Of Stakes algorithms? What are they used for exactly? And are they important? In the three pillars of the Blockchain, I described the core components of Distributed Consensus: P2P protocols enable the creation of an organic network of machines.