Proof-of-Work (PoW)Proof-of-work (PoW) is a consensus algorithm that can be used to verify transactions on a blockchain and generate blocks. In order for a new block to be added to the chain, the participants in a network (so-called miners) must solve a technical puzzle. The proportion of the computing power of the entire network determines the chance of successfully "mining" a block. The first person to solve the puzzle can use it to prove their performance in the network, add the new block to the blockchain and receive a reward (mining reward). The puzzle is designed in such a way that (once solved) it can be checked and confirmed by all other miners without requiring a great deal of computing power. To gain control of a blockchain that works according to the PoW consensus method, 51% of the total computing power is required. The best-known cryptocurrency that uses PoW is Bitcoin. (Publication date 17/05/2021)