What is Proof of Capacity? (PoC)
Proof of Capacity (PoC) is a consensus mechanism algorithm used in blockchains that allows miners in the network to mine for tokens with the available space they have on their hard drive.
A different algorithm to earning cryptocurrency, Proof of Capacity works by computing and storing as many possible solutions on your computer hard drive before the mining begins. This is also known as plotting. Therefore, the larger the hard drive and available space, the more the number of possible solutions can be stored on the computer hard drive (nodes), resulting in a higher probability where a miner has the right hash value and ultimately wins the mining reward.
This is unlike Proof of Work (PoW), the original Bitcoin consensus mechanism algorithm, where miners compete with each other to change the number in the block header as fast as possible to find the correct hash value.
An advantage of Proof of Capacity is that it is deemed as more energy efficient and could be a good utility of existing empty hard drive space for users out there.
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