Review:
Proof Of Work Consensus Mechanism
overall review score: 4.5
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score is between 0 and 5
Proof-of-work consensus mechanism is a cryptographic concept used in blockchain technology to secure and validate transactions through computational puzzles.
Key Features
- Requires miners to solve complex mathematical puzzles
- Rewards miners with cryptocurrency for successful validations
- Ensures trustless and decentralized network operation
Pros
- High level of security due to cryptographic puzzles
- Incentivizes miners to participate in network validation
- Establishes a consensus without relying on central authority
Cons
- High energy consumption for mining operations
- Vulnerability to 51% attacks if a single entity controls majority of mining power