POW, simple understanding is a proof, is used to confirm that a certain amount of work has been done. Take Bitcoin as an example: Bitcoin uses this mechanism in the process of generating Blocks. Finding a reasonable Block Hash requires a lot of attempts. The computing time depends on the speed of the machine's hashing operation. If any node in Bitcoin network wants to generate a new block and write it into the block chain, it must solve the problem of workload proof in Bitcoin network. Therefore, the workload proof of Bitcoin is the main work that we commonly call "mining". In the process of "mining", our core purpose is to find the corresponding solution M. For any 64-bit hash value, there is no fixed algorithm to find its solution m, and only computer random hash collision can be relied on. How many hash collisions a miner can make per second is the representative of its "calculating power". The unit is written as hash/s. These are the so-called workload proof mechanism POW (Proof of Of Work).
The original intention of establishing POW Consensus Alliance is: As the market enters the cold winter, the tokens issued on the basis of ERC20 do not perform satisfactorily in this round of market. Various hidden dangers emerge one by one as the market turns cold. The industry consensus of ICO has also undergone fundamental changes, and the fairness, activity and even security of currency acquisition have been questioned. Compared with ICO projects, POW currencies have unique advantages. Its acquisition is relatively fair, and there will be no case of obtaining a large number of currencies at very low cost. Most of the POW currencies are zero pre-excavated, and the possibility of malicious operation by the team is very low. This is contrary to the situation that the one-time issuance of ICO currencies is mostly concentrated in the hands of a few people.
- The POW Consensus Alliance was formally established on December 26, 2018. The first batch of exchanges involved seven exchanges, which attracted great attention from the industry and more than 40 media reports.
- On December 28, 2018, non-trumpet global strategic partners announced their full support for the POW Consensus Alliance.
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The POW Consensus Alliance will reach close partnerships with people with top resources on a global scale to promote the digital currency industry. We will provide a full range of quality services for each of the excellent exchanges we join, and achieve a win-win situation in the intra-alliment exchange. We look forward to your joining!