The appearance of the Proof of Work
The principle of Proof of Work
The idea of Proof of Work (PoW) was introduced in 1993 by Moni Naor and Cynthia Dwork as a deterrent to attacks and abuses such as spam.
It was formalized in the article “Proof of Work and Bread Pudding Protocols” by Markus Jakobsson and Ari Juels in 1999.
In 2008-2009, the PoW principle was finally adopted with the implementation of Bitcoin.
Definition of Proof of Work
PoW is the process of securing the blockchain. Thus, the miner, who performs the mining activity, must solve mathematical problems, i.e. he must find the hash with the right combination. His aim is to find the “nonce” that makes the blockchain secure.
This process is made possible by the computing power of computers, which is very energy-consuming and causes many environmental problems.
The operation of Proof of Work
One can mine alone or in a group in a mining pool to unite our computing power and be more efficient.