Table 2 Pros and Cons of PoW
Pros | Cons |
|---|---|
Provides a solid mechanism for achieving consensus and preventing abuses and misuses | Requires a lot of energy consumption and computational power |
Rewards miners for securing the network and validating transactions | May lead to centralization due to mining pools and specialized hardware |
Enables trustless transactions without intermediaries or authorities | Limits scalability due to low throughput and high latency |
Resists attacks such as double-spending, censorship, or denial-of-service | May suffer from stagnation due to low incentives for innovation or improvement |