The proof of work algorithm on blockchains is used to verify transactions as well as produce new blocks on the network. With the proof of work algorithm, miners on the network will have to compete against each other in order to complete blocks and get rewards in form tokens. The first cryptocurrency platform Bitcoin was built on this algorithm and it means that the network selects a few people to mine blocks on the network. Since this algorithm was used by the Bitcoin network, many other crypto platforms are currently making use of this algorithm, in this article, we will discuss some of the top proof of work mining algorithms.
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Bitcoin
This is the first crypto platform that was launched in 2009. Bitcoin has been described by various people as one of the biggest financial revolutions the world has ever seen. Developed by an individual that goes by the pseudonym Satoshi Nakamoto this crypto makes use of the proof of work algorithm which ensures that only a few people are selected to complete blocks as well earn rewards for blocks completed. Asides from being the first crypto platform, Bitcoin is the most valued crypto platform. Currently, the crypto is valued at $6,700.
Litecoin
This is another one of the most valuable proof of work algorithms available. Developed by Charlie Lee in 2011, this proof of algorithm crypto platform happens to be the most advanced version of the Bitcoin network. On the Bitcoin network, it takes about 10 minutes before a block is verified, on the Litecoin network, it takes about 2.5 minutes which makes the crypto platform faster. Litecoin like Bitcoin is a decentralized P2P platform that ensures that users all over the world are able to carry out fast and cheap transactions. On the Litecoin network, a selected number of Individuals are selected to complete blocks and verify them.
Monero
This is another proof of work algorithm crypto platform. This platform is quite different from the others mentioned above. It is a decentralized platform that that ensures that its users are able to carry out anonymous and untraceable transactions. This crypto platform has adopted several technologies that ensures that it is able to carry out anonymous transactions that cannot be traced back to it. This crypto platform makes use of the private and public ledger which allows its users to choose on which ledger they want to carry out transactions on.
These are a few of the proof of work algorithm cryptos. One important disadvantage of this algorithm is that unlike the proof of stake which selects people who complete blocks randomly, this algorithm gives it to a selected few. Another disadvantage of this algorithm is that it is prone to the 51% attack. The newest platform to experience this attack is the Monero network and this has gone on to be the major flaws of this algorithm. Aside from these flaws mentioned, this algorithm is effective and has become one of the most adopted algorithms for crypto platforms.