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    Proof-of-Work [POW]

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    Categories: Blockchain

    The original consensus mechanism in a Blockchain network, used by Bitcoin. The mechanism confirms transactions and adds new blocks to the chain. Miners compete against each other to solve cryptographic problems for the next block (hashing) and thus validate transactions on the network to receive rewards. The reward given to miners is for the work they have carried out for the network.

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    Justin Chan
    Dr Chan founded DataDrivenInvestor.com (DDI) and is the CEO for JCube Capital Partners. Specialized in strategy development, alternative data analytics and behavioral finance, Dr Chan also has extensive experience in investment management and financial services industries. Prior to forming JCube and DDI, Dr Chan served in the capacity of strategy development in multiple hedge funds, fintech companies, and also served as a senior quantitative strategist at GMO. A published author at professional journals in finance, Dr. Chan holds a Ph.D. degree in finance from UCLA.