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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 Justin Chan founded datadriveninvestor.com, a tech application platform designed to help fund managers, individual investors and data scientists uncover outstanding sources of alpha from data. Previously, he specialized in strategy development in a number of hedge funds and served as a senior quantitative strategist at GMO. An expert in microstructure, market liquidity, and behavioral finance, Dr. Chan holds a doctoral degree from UCLA and served as a finance professor at Singapore Management University. He can be reached at justinchan@datadriveninvestor.com.