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The history of the emergence of the PoW algorithm
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The history of the emergence of the PoW algorithm
PoW is one of the oldest algorithms that was used in the creation of the very first Bitcoin cryptocurrency. The first description of the protocol appeared in 1993. As planned by the authors, he had to fight spam. And the algorithm performed this function. In 1997, Adam Back successfully launched the Hashcash project, which was based on the concept of PoW. Senders of letters, using the power of a PC, had to carry out billions of calculations that confirmed the truth of the subject of the letter. This solution blocked spam. From the technical side, it looks like hashing a selected range of data, for example, lines from a letter.
2 years after the launch of Hashcash, the term Proof-of-Work first appeared. During this period, the algorithm, like a mathematical captcha, solved several simple tasks that protected the system from spam and DDoS attacks. To perform operations, significant resources were not required, so the system worked smoothly.
In 2000, the developers decided to update the mechanism by introducing auxiliary functions into it. This required an increase in memory capacity and a revision of hardware requirements. The requirements of high processor speed have been replaced by large amounts of RAM. It was during this period that Bitcoin miners switched to powerful video cards.
The development of cryptocurrencies and the improvement of equipment have increased the load on the system and complicated the execution of tasks. The PoW algorithm literally began to "devour" electricity, which led to a decrease in rewards. Mining of popular cryptocurrencies became unprofitable. In 2012, the performance of the Bitcoin blockchain exceeded the energy consumption of the world's most powerful computer. After the advent of the PoS algorithm, Proof-of-Work began to fade into the background or be used in tandem. Today, the work done algorithm is used in projects that continue to issue tokens.
