Which consensus algorithm does Ethereum use and Explain how Proof-of-Work(PoW) works?

客人

Ethereum, like Bitcoin, currently uses a consensus protocol called Proof-of-work (PoW). This allows the nodes of the Ethereum network to agree on the state of all information recorded on the Ethereum blockchain, and prevents certain kinds of economic attacks.

Right now, Ethereum utilizes Proof-of-Work as its consensus algorithm. Ethereum network is in the process of changing its consensus algorithm to a more environmentally friendly consensus method Proof-of-Stake(PoS). While, Proof-of-Work is a consensus algorithm that requires work from miners to validate the transactions. The work is generated by solving complex computational problems using hardware. It is not environmentally friendly as it requires a lot of electricity to run the hardware, which in turn solves those complex computational problems.

The Proof of Work consensus algorithm involves solving a computational challenging puzzle in order to create new blocks in the Bitcoin blockchain. Colloquially, the process is known as ‘mining’, and the nodes in the network that engage in mining are known as ‘miners’. The incentive for mining transactions lies in economic payoffs, where competing miners are rewarded with 12.5 bitcoins(at the time of writing this article; this reward will get reduced by half its current value with time) and a small transaction fee.

Ethereum network is in the process of changing its consensus algorithm to a more environmentally friendly consensus method Proof-of-Stake(PoS).

ethereum changed from POS to POW, it's needed to make the online currency work without a company or government running the show

it's a little hard to explain

Proof of Work

read #knowledge

same with btc ones

eth using PoW