In the blockchain industry we hear a lot about consensus algorithms, we debate about them and try to learn as much as possible. As you know, to reach consensus on the network Bitcoin is using proof of work (PoW). Ethereum is using it as well, but soon will replace it with proof of stake (PoS). Why would they do that? Well, there are a couple of reasons, PoS is more efficient than PoW could ever be. But, both of them have their pros and cons.
In this article, we will make an overview of proof of work consensus algorithm, its good and bad sides.