Proof of Work (PoW) is a consensus mechanism used in blockchain networks to validate transactions and secure the network. In a PoW system, miners compete to solve complex cryptographic puzzles using significant computational power. The first miner to solve the puzzle gets the right to add a new block of transactions to the blockchain and is rewarded with newly minted cryptocurrency and transaction fees. This process ensures that the blockchain remains secure and tamper-proof, as altering any part of the blockchain would require redoing the PoW for all subsequent blocks, which is computationally impractical. Bitcoin, the first and most well-known cryptocurrency, uses PoW to maintain its network. While PoW is highly secure, it is also energy-intensive and has faced criticism for its environmental impact, leading to the development of alternative consensus mechanisms like Proof of Stake (PoS).
