back14 Sep 20233 min read
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Proof-of-Work Layer 1 Tokens: Forging Trust Through Consensus | Pyth Price Feeds

Blockchain technology was born out of Proof-of-Work (PoW). And the tokens that secure these  PoW layer 1’s have come to signify security, decentralization, and resilience. Indeed, they are the driving economic force behind networks that rely on the energy-intensive PoW consensus mechanism. PoW layer 1's tokens enable participants to contribute to the network's operation while reaping rewards.

Pyth Network recognizes the significance of PoW layer 1's tokens in shaping the landscape of decentralized applications and digital finance. By providing accurate and reliable price feeds for these tokens, Pyth empowers developers to create custom markets and applications that leverage the strengths of PoW blockchains.

Understanding Proof-of-Work Layer 1 Tokens

Proof-of-Work layer 1's tokens are the native currencies of blockchain networks that employ the PoW consensus mechanism. Unlike other consensus mechanisms, PoW relies on miners solving complex mathematical puzzles to validate transactions and add them to the blockchain. This energy-intensive process ensures network security and prevents malicious activities.

These tokens are more than just mediums of value; they represent the computational power and collective effort required to maintain the blockchain's integrity.

The Resilience of Proof-of-Work Tokens

PoW tokens symbolize resilience and trust. The computational effort needed to mine these tokens requires a distributed network of miners who collaboratively secure the network. This decentralized approach to consensus ensures censorship resistance and prevents any single entity from controlling the network.

The energy-intensive nature of PoW also strengthens the immutability of the blockchain, making it extremely difficult to alter historical transactions. This instills confidence in users and stakeholders, as they can trust the accuracy of the ledger.

Prominent Proof-of-Work Layer 1 Tokens Supported by Pyth

Bitcoin (BTC)

Bitcoin (BTC) stands as the pioneering PoW layer 1 token, marking the inception of blockchain technology. BTC serves as digital gold and a store of value, underpinned by the robust PoW consensus mechanism that secures the network and validates transactions.

Stay informed about BTC's market movements and value with Pyth's BTC/USD feed.

Ethereum Classic (ETC)

Ethereum Classic (ETC) maintains the original Ethereum blockchain, following a contentious fork. ETC's PoW-based security model ensures transaction integrity and decentralization, contributing to its role as a trusted blockchain platform.

Explore Pyth's ETC/USD feed to track ETC's value and market dynamics.

Litecoin (LTC)

Litecoin (LTC) is often referred to as the "silver to Bitcoin's gold." It employs PoW to validate transactions and secure the network. LTC's shorter block times and different hashing algorithm set it apart from Bitcoin.

Monitor LTC's price and developments through Pyth's LTC/USD feed.

Bitcoin Cash (BCH)

Bitcoin Cash (BCH) emerged as a result of a Bitcoin hard fork, aiming to address scalability issues. BCH employs PoW for consensus, and its larger block size enhances transaction throughput.

Stay updated on BCH's price and market trends with Pyth's BCH/USD feed.

Zcash (ZEC)

Zcash (ZEC) prioritizes user privacy by offering shielded transactions. Transactions can be transparent, similar to bitcoin transactions, or they can be shielded transactions which use a type of zero-knowledge proof to provide anonymity in transactions.

Explore Pyth's ZEC/USD feed to stay informed about ZEC's value and ecosystem.

The Pyth Network supports the PoW layer 1's tokens listed above and a handful of others. These price feeds enable developers and traders to access real-time and accurate price feeds.

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