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Proof of Work
The nodes receive a reward - usually in the form of cryptocurrencies such as Bitcoin or Ethereum , or another valuable digital asset - for Proof of Work , the term for the effort the nodes expended to verify the block . PoW has drawn criticism as a waste of energy , because more complex calculations require huge amounts of power .
Transaction complete
The transaction is completed , the block is added to an updated version of the blockchain , and the updated blockchain is shared among the network .
The cycle repeats
A new transaction is requested , validated , and added to the blockchain . Unlike a spreadsheet , the blockchain is immutable and decentralised , requiring no human input for security or accuracy . Anyone with access to the blockchain can access the verified information .
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