PoW blockchain list, PoW or Proof of Work is a protocol to prevent cyber attacks such as DDoS (Distributed Denial-of-Service) from draining the system. PoW is actually an old concept. However, this term is more widely known after Satoshi Nakamoto used this technique in the Bitcoin system and became the first to adopt PoW.
In the blockchain world, it requires consensus, which means automated mathematical procedures to reach an agreement. With the mushrooming growth of cryptocurrencies. Several crypto coins other than Bitcoin have adopted PoW. Although this method is considered to require high energy consumption. Later with the discovery of the PoS consensus model, more developers then use PoS or Proof of Stake.
What is PoW?
Before talking about PoW, first about the term consensus in the blockchain. Consensus by definition is agreement. In a centralized financial system, all data is managed by a responsible centralized authority.
While in a decentralized system, there are no intermediaries. And to reach an agreement involving the public, by looking at the contributions of thousands of participants who verify and authenticate transactions that occur on the blockchain and in block mining activities.
By using consensus, there is no need for a third party as an intermediary. Instead, it is involving the public to reach a transaction agreement. Currently, there are many types of consensus algorithms. There are several consensuses that the most popular are PoS, PW, DPoS, LPoS, and maybe other models will appear again.
So what is Proof of Work (PoW)?
PoW is a protocol to prevent attacks on systems. This is an algorithm that requires computational performance assistance to validate codes in order to mine a block that is distributed through a ledger, namely the blockchain.
In process of reaching a consensus, involves miners, using specialized computers to compete to be the first to solve complex mathematical code to validate a transaction. The speed of a miner’s computing power is called the hash, the higher the hash the miner can result in faster completion of the code.
Miners who successfully complete these complex math puzzles will later get a reward. This is one of the reasons many crypto miners participate in the network due they want to be rewarded.
Why is PoW secure?
Proof of Work is considered very safe from hacker attacks because it requires expensive fees where hackers must be able to control at least 51% of nodes spread across the entire blockchain network. In the proof of work system, hackers will be excluded through technological disincentives.
Which is more secure PoW or PoS?
Perhaps the only drawback of Proof of Work is the high consumption of electrical energy. But in terms of security, this consensus is much more secure than PoS.
In PoS the underlying algorithm must be very strict. Because without any special penalties the PoS system will be easy to attack. But now a Casper has emerged that solves this problem in PoS.
The Casper protocol designed an algorithm that is capable of using multiple sets of conditions if any validator cheats then they may lose their deposit.
Which crypto coin uses PoW?
One of the advantages of PoW is security, with some disadvantages regarding energy consumption and expensive devices that require quite complicated special settings.
Not only Bitcoin has adopted PoW, but there are hundreds of other cryptocurrencies that have adopted PoW.
PoW blockchain list by market capitalization
Here is a list of cryptocurrencies that use PoW consensus by market cap. The data is taken from Coinmarketcap and becomes static data that can change at any time.
Top 100 Proof of Work blockchain list
|28||Quantum Resistant Ledger||QRL||$12,796,900|
|62||Public Index Network||PIN||$553,086|
The list above only contains the top 100 cryptocurrencies that use PoW taken from Coinmarketcap. There are still other cryptocurrencies using Proof of Work. Market capitalization may change at any time, so the position between tokens can change at any time.
Top 20 PoW crypto-list best
The top PoW best list below is taken from Coincodex, which provides a different rating from Coinmarketcap, thus providing different data although in general they are sorted from the highest market cap.
|NUMBER||NAME||Symbol Ticker||Price||Circulating supply|
|5||Bitcoin Cash||BCH||$ 119.27||19.09M|
|7||Ethereum classic||ETC||$ 13.35||135.28M|
|14||Nervos Network||CKB||$ 0.003262||33.34B|
|18||Bitcoin Diamond||BCD||$ 0.139013||186.49M|
The PoW blockchain list provides at least the information to find out any tokens in cryptocurrencies that use Proof of Work consensus. It can then provide referrals when someone wants to try selecting the tokens they want to mine.
Maybe at this time, Bitcoin is still at the top, but the level of difficulty is high because of the high hash rate competition. Then want to try mining other cryptocurrencies that use PoW consensus.
You can do more in-depth research on related cryptocurrencies. And the PoW blockchain list in this article may no longer be relevant due to changes in the market capitalization of each token.
Note: this article is for informational purposes only, this is not investment advice or solicitation. Forex, crypto and CFD are risky. Each investor is responsible for their investment.
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