The consensus protocol is a key component of any blockchain. It determines how securely and quickly blockchain validators reach a consensus on the next block.
Dwork and Naor introduced Proof of Work (PoW) in 1992, but the concept truly gained popularity in 2008 when it was incorporated into the Bitcoin system by Nakamoto. PoW was believed to be employed for inducing good validator (miner) behavior within the blockchain network.
The aim was to create a decentralized ecosystem that promotes ideal competition among miners and allows free entry into the system. To create adequate rewards for validators, Nakamoto specified that participants must solve a cryptographic puzzle to update the blockchain.
Since its incorporation with Bitcoin, The PoW protocol has proven to be a robust system. However, despite being a trusted and secure consensus mechanism, PoW is considered a computation-intensive process