What is Proof-of-Work (PoW) and how does it work on the ETC network ?
Proof-of-Work (PoW) is a consensus algorithm used by the Ethereum Classic (ETC) network to secure its blockchain.
It is a type of distributed consensus system that requires miners to solve complex mathematical problems in order to add new blocks of transactions to the blockchain. In PoW, miners compete against each other to solve a cryptographic puzzle. The miner who solves the puzzle first is rewarded with newly minted ETC tokens and transaction fees associated with the block.
This process is known as mining. The difficulty of the puzzles increases over time, making it more difficult for miners to find a solution and receive rewards. The PoW algorithm also helps protect the network from malicious actors by making it expensive and time consuming for them to attack the network.
In order for an attacker to successfully double spend coins or reverse transactions, they would need to control more than 50% of the total hash rate on the network, which is highly unlikely given how decentralized ETC’s mining network is. The PoW algorithm also helps maintain consensus on the ETC blockchain by ensuring that all nodes agree on which blocks are valid and which are not. This prevents malicious actors from creating fraudulent blocks or manipulating transactions in any way.
