List of proof of work Crypto Coins and Blockchains | Coinranking (2024)

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List of proof of work Crypto Coins and Blockchains | Coinranking? ›

Proof of work is the older of the two, used by Bitcoin, Ethereum 1.0, and many others. The newer consensus mechanism is called proof of stake, and it powers Ethereum 2.0, Cardano, Tezos and other (generally newer) cryptocurrencies.

Proof of work is the older of the two, used by Bitcoin, Ethereum 1.0, and many others. The newer consensus mechanism is called proof of stake, and it powers Ethereum 2.0, Cardano, Tezos and other (generally newer) cryptocurrencies.

Proof of Concept, often abbreviated as PoC, is a consensus mechanism used in decentralized networks to validate and confirm transactions. It serves as a critical component of various blockchain-based cryptocurrencies, including Bitcoin, Ethereum, and many others.

Proof of Work (PoW) is a blockchain consensus mechanism to validate transactions and create new blocks through computational efforts by miners.

The mining of Dogecoin uses the “proof-of-work” concept, where miners use computers to solve complex mathematical equations to process and record transactions on the blockchain network.

Solana introduces Proof of History (PoH), a novel concept revolutionizing blockchain. PoH differs significantly from traditional methods like Proof of Work or Proof of Stake. Essentially, it's a way to record time between transactions, ensuring fast and efficient processing.

We carried out a proof of concept with Ripple to explore the synchronised movement of two different currencies across two different real-time gross settlement systems linked using Ripple Connect and the Interledger protocol.

Bitcoin (BTC)

Bitcoin is the largest crypto by market capitalization and the most popular cryptocurrency to mine, with a reward of 3.125 BTC per block.

In blockchain technology, the proof of work (POW) consensus algorithm is the most widely employed. It is used by both Bitcoin and Ether, the two most well-known cryptocurrencies. However, as part of its development strategy, Ethereum, Ether's underlying protocol, aims to switch to the proof of stake (PoS) algorithm.

What blockchains are POS? ›

For these reasons and others, it's the validation protocol for newer waves of cryptocurrencies and altcoins. For example, Ethereum 1.0 uses proof of work, but Ethereum 2.0 uses proof of stake. Others using proof-of-stake protocols include Tezos, Cardano, Solana, and Algorand.

Nominated Proof of Stake​

Polkadot uses NPoS (Nominated Proof-of-Stake) as its mechanism for selecting the validator set. It is designed with the roles of validators and nominators, to maximize chain security. Actors who are interested in maintaining the network can run a validator node.

Ethereum uses proof-of-stake as its consensus mechanic. Full validator nodes require a stake of 32 ETH, but other participants can take part in consensus by delegating their ETH to a validator or participating in staking pools.

Secret uses a delegated proof-of-stake consensus mechanism called Tendermint. Validators stake SCRT and receive SCRT from delegators in return for verifying transactions, ensuring the protocol is running, and maintaining blockchain security. Dishonest nodes can see their stake slashed.

Bitcoin-type proof of work

In 2009, the Bitcoin network went online. Bitcoin is a proof-of-work digital currency that, like Finney's RPoW, is also based on the Hashcash PoW.

How Is the Chainlink Network Secured? The Chainlink network is secured by a similar concept to Proof of Stake (PoS), where its validator nodes stake LINK in order to obtain data contracts and be rewarded by the network.

Ethereum Proof of Work, or 'EthereumPoW' (ETHW), is a variant of Ethereum that operates on the Proof of Work consensus mechanism. This blockchain network is similar to the original Ethereum network before it transitioned from Proof of Work to Proof of Stake.

Proof of authority (PoA) is an algorithm used with blockchains that delivers comparatively fast transactions through a consensus mechanism based on identity as a stake. The most notable platforms using PoA are VeChain, Bitgert, Palm Network and Xodex.

Solana – The First Blockchain to Implement Proof-of-History

PoH acts as a built-in clock for the network, creating a verifiable record of time passage. This eliminates the need for complex calculations in PoW, allowing Solana to process transactions significantly faster.

Bitcoin-type proof of work

Bitcoin has better trustworthiness because it is protected by computation. Bitcoins are "mined" using the Hashcash proof-of-work function by individual miners and verified by the decentralized nodes in the P2P bitcoin network.