What is Proof of Work (PoW)｜Explained For Beginners

💡 Proof of Work, the first consensus algorithm ever implemented in cryptocurrency. Most major cryptocurrencies use this as their consensus algorithm. 

📚 Read our articles to learn more about Proof of Work

⏱️ Timestamps
What is Proof of Work(PoW) 00:00
How Does PoW Work 00:33

👨🏻‍🎓 Binance Academy - Blockchain and Crypto Explained

#Blockchain

[NicheAsQuiche]

One of the best explanations I've heard.

[Jgauti]

The best explantion of proof of work ever

[RealestMFOnTheInternet]

This is such a great explanation, thank you for your time and for sharing this knowledge!

[TheCoolsacs]

The best thing about this is the animations !!! Well done

[jediscipula]

Succinct and crystal clear, thank you.

[tejapolisetty]

which tool did you used for animation? its very neat and clean

[ShivamSharma-xzje]

1:30
Why did we reward the miner after validating the blockhash?
Is there a significance to it, like showing credibility?

[onlinesaidasa]

Namaste

Proof of Work Overview

Here "Proof of" means that there is a prover and there are verifiers.

Work refers to some work like a mathematical puzzle that the miners compete to solve.

The miner who does the work earliest produces the block.

Thanks

[KukursRobert]

Thanks a lot, perfect and easy to understand explanation!

[AliceOHara-mi]

How does step finance assist in exploring high-yield DeFi platforms?

[chrismoore]

"Nonce"... A good video but an even better advert for localisation checks when producing content.

[christopherabelet]

Thank you but there is still something I don t understand : the miner s solve à problem but the problem is not usefull. So who check if the transaction is valid ?

[kafka]

Nice video. I am new to Bitcoin and have a question, the current total hash rate of miners is around 150 TH/s, that is the ability to perform 150 Tera hash function in a second. As checked, the value of the nonce that miners need to guess to mine the block is capped at 32 bit i.e. around 4 billion numbers. Means there’s only a total of 4 billion trial to guess the nonce value per block ? But the total hash rate is 150 Tera hash/s..won’t the miners able to complete all the guessing in like less than a second? Why Bitcoin transaction per second is still low? Please correct me if I am wrong. Appreciate the input from any of you guys.

[ghulamsamdani]

Who gives the required hash condition?

[duzx]

So how does it solve double spending tho? I didn´t get it yet.
What´s the order things are going to happen, when someone sends me 1 bitcoin, and why does it prevent someone from sending 1 bitcoin to me and another person while he only actually has 1 bitcoin?

[francescoporta]

I don' t understand why a miner could not take the rewards from his mining activity plus perturbate the chain in some way when he wins the game in order to gain even more...

[SonnyFazio]

Who's here from my last tiktok???

[pdjhh]

Why can’t a bad actor just set up the same as a regular miner and attempt to write a bad block? Surely they have just as much chance as any other miner to solve the puzzle? In other words couldn’t any miner potentially attempt to write a bad block?

[dztructive]

Why is there a dutch / swedish lad speaking on a chinese website

[NicheAsQuiche]

I think cryptocurrencies are going to have to wean off of proof of work and blockchain technology. Storing the blockchain is going to require buying up hundreds of terabytes of storage per year and proof of work is going to require extremely expensive mining hardware and people will have to buy more and more each year to compete with 51% attack attempts until normal people can't afford it. Those two things are going to leave both blockchain and proof-of-work monetary systems in the hands of only the richest, as fiat currency is today.