The Proof of Work (PoW) consensus model is the mechanism that started the revolution that launched Bitcoin (BTC) in 2009 and was the model of choice behind many of the popular projects in the early fledgling years of the crypto ecosystem.
As time passed, other consensus models such as proof of stake (PoS) increased in popularity, especially as the cost of operating mining rigs, the constant need to upgrade equipment, and environmental concerns led to the PoW model fell out of favor with many.
As a result, projects looking to employ a proof-of-work model have had to adapt to stay aligned with the demands of the broader market. This has led to the emergence of projects that offer a more environmentally friendly and economical approach to PoW, while also aiming to build Web 3.0.
Let's take a look at some of the projects that allow people to contribute their resources to secure the network and get a return on the process.
Helium
Helium is a decentralized blockchain-powered network for Internet of Things (IoT) devices that uses a global network of low-energy wireless "hotspots" that transmit data over radio waves to be registered on its blockchain.
The network uses a new working algorithm called "proof of coverage" to validate that hotspots provide legitimate wireless coverage and that miners receive the platform's native HNT token to help provide coverage to the network.
The Helium network experienced tremendous growth throughout 2021. Currently, there are more than 309,000 nodes in operation.
More recently, the Helium network expanded its capabilities by adding support for 5G wireless capabilities that included the launch of a new line of miners capable of transmitting the 5G signal.
On October 26, Helium announced that it had partnered with the satellite television company Dish Network, making Dish the first major operator to join the Helium network and offer its subscribers the opportunity to run Helium nodes in exchange for HNT tokens.
Shortly after these developments, the HNT price rose to a new all-time high of $ 53.11 on November 9.
Kadena
Kadena (KDA) is a scalable PoW layer one blockchain protocol that claims to be capable of processing up to 480,000 transactions per second (TPS) thanks to the use of braided chains.
Unlike Bitcoin, PoW's main cryptocurrency, Kadena also offers smart contract capabilities similar to those found in Ethereum and features its own smart contract programming language called Pact.
Being capable of smart contracts means that the Kadena network is capable of hosting decentralized finance protocols (DeFi) and non-fungible tokens (NFTs), as well as a number of other specialized projects, from stablecoins to payment processors.
Some of the goals of the project have been to address major issues affecting the Ethereum network, such as high transaction costs and network congestion, and it claims to offer marginal transaction fees for consumers at the same time as introduction of a "crypto gas station" feature which allows companies to create accounts that exist to fund gas payments on behalf of their user base when certain conditions are met.
Kadena uses the Blake (2s-Kadena) algorithm as a consensus model that requires native ASIC miners and cannot be mined with GPUs or CPUs.
Recently, KDA launched a wrapped version of its token called wKDA that is capable of interacting with all networks compatible with Ethereum Virtual Machine- (EVM-) and its associated DeFi protocols.
In the future, the team behind Kadena also has plans to add cross-chain support for other popular blockchain networks, including Terra, Polkadot, Celo, and Cosmos.
Data of Cointelegraph Markets Pro and TradingView shows that as a result of recent developments, KDA's price had risen 1,280% from a low of $ 2.05 on October 17 to a new all-time high of $ 28.44 on November 11.
Flow
Flux (FLUX) is a native GPU removable PoW protocol that focuses on a scalable decentralized cloud infrastructure for Web 3.0 applications.
According to the project, the Flux ecosystem is made up of a set of decentralized computing services and blockchain-as-a-service solutions that offer a Development environment similar to Amazon Web Servicesas well as the FluxOS second layer operating system that is capable of running "any hardened docked application".
The Flux network uses the ZelHash algorithm, which is an implementation of Equihash 125.4 that can be mined by GPU and can be mined through a Flux community group or a variety of third-party groups created by teams that support the ecosystem. Mining Flux.
The lock time on the Flux network is two minutes and the current block reward is 75 Flux, with 50% for node operators and 50% for miners.
On November 9, the project introduced โLight Nodes,โ which allow Flux nodes to be managed using thin wallets so that operators can initiate and monitor node metrics from any device capable of running the FluxNodes application.
Data of Cointelegraph Markets Pro and TradingView shows that since October 24, when it was revealed that Apple Pay would be integrated with the Flux network's Zelcore wallet, the price of FLUX has risen 802% from $ 0.33 to a new all-time high of $ 2.96 on November 12.
While the PoW consensus model is no longer the dominant model used by major projects in the crypto ecosystem, these three examples show that it still has a lot to offer because the new platforms are environmentally friendly and economically sustainable.
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