Proof of Work

In cryptocurrency terms, the term proof of work refers to a system in which new cryptocurrency is generated based on the number and complexity of transactions processed.

Control over transactions and new currency generation is based on the amount of computing power made available to the cryptocurrency network.

Proof of work systems differ from proof of stake systems in that control and production of proof of stake cryptocurrencies is based on the amount of currency held, rather than the amount of computing power provided.

They also differ from proof of capacity cryptocurrencies which are mined based on the amount of data storage made available to the network rather than the amount of processing power.

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