It’s the short form of Proof of Work—An expensive validation process on the blockchain where miners verify new transactions by solving hash puzzles. This mechanism secures the blockchain by preventing malicious use of high computing power and ensures the creation of new blocks after transaction validation. The PoW mechanism, however, revolves around the evidence of work, which prevents double spending of coins. However, it rewards the miners as incentives for their work.
Examples of blockchains that use PoW include:
- Ethereum: But it is set to merge with Beacon, a PoS blockchain, according to a report on dailyfx.