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WHAT ARE THE ALTERNATIVE STRATEGIES FOR PROOF-OF-WORK?

WHAT ARE THE ALTERNATIVE STRATEGIES FOR PROOF-OF-WORK?

Submitted by • August 29, 2018 www.blockchain-council.org

There has been a lot of buzz in the market about Blockchain and allied services. Cryptocurrencies have been the hot selling property. Since these work on a global platform, there is a need for a safe and efficient Consensus Algorithm which is also safe.
What is Consensus Algorithm?
It is similar to Proof-Of-Work (POW) for Bitcoin. It makes sure that the new block added to the system is verified and validated. Secondly, it ensures that the system is working seamlessly.
However, Proof-Of-Work is not all good, in need to add blocks to the chain, the miners compete to the solve cryptographic puzzle. It results in a consumption of a lot of effort, resources, and energy. The one which successfully solves the problem and does it quickly gets a reward in the form of new altcoins. In case of Bitcoin, they get 12.5 newly minted coins and a portion of the transaction fee.
Although this is a great way, it has its drawbacks like it consumes a significant amount of computational energy. Secondly, t

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