Proof of Work (PoW)

 

Proof of work (PoW)

In cryptography, the proof-of-work protocol or PoW is a protocol used to prevent cyber attacks such as DDOS and spam. It emerged as an attempt to reduce the effects of these attacks using hash functions. For a user to perform some action, he must be able to prove that he performed some task, this proof is the guarantee that the user spent time to generate an answer that satisfies some requirement of the evaluator. For this system to work, such evidence must be laborious to create, but easily verified by the evaluator.

Its initial use was in electronic correspondence, but it was eventually applied to cryptocurrencies such as Bitcoin to verify transactions, ensure blockchain consensus, and mine coins.

Proof of Stake (PoS)

Comments

Post a Comment

Popular posts from this blog

What is Monero?

Image
  Monero (XMR) is the top privacy-centric cryptocurrency based on the CryptoNote protocol, a secure, private and untraceable currency system. Monero uses a special kind of cryptography to ensure that all of its transactions are remain 100% unlinkable and untraceable. In an increasingly transparent world, you can see why something like Monero can become so desirable.Origins of MoneroIn July of 2012, Bytecoin, the first real life implementation of CryptoNote, was launched. While Bytecoin had promise, people noticed that 80% of the coins were already published. So, it was decided that the bytecoin blockchain will be forked and the new coins in the new chain will be called Bitmonero, which is was then renamed Monero, meaning “coin” in Esperanto language. In this new blockchain, a block will be mined and added every two minutes. Why Monero? #1: Unlinkability - Your identity is completely privateYou have complete control over your transactions. You are responsible for your money. Becaus...
Read more

Zilliqa (ZIL) is a token developed in the year 2017

Image
  Zilliqa is mainly based on the concept of Sharding and primarily aims at improving the scalability of the cryptocurrency networks as in case of Bitcoin or Ethereum. The white paper mentions that the transactions speed would be approximately a thousand times more than that of Ethereum network. Ziliqa is fast, secured and decentralized. Zilliqa’s high throughput means that you can focus on developing your ideas without worrying about network congestion, high transaction fees or security which are the key issues with legacy blockchain platforms. Zilliqa network uses a concept called Sharding where the transactions are grouped into smaller groups and divided among the miners for the parallel transactional verification. Developing smaller groups for transactional verification means the Consensus can be reached faster and hence a higher number of transactions can be processed in a given time frame. The capacity of the network linearly increases in other cryptocurrencies as the number ...
Read more

USD Coin (USDC)

Image
USDC is a fully collateralized US dollar stablecoin. USD COIN is the bridge between dollars and trading on cryptocurrency exchanges. The technology behind CENTRE makes it possible to exchange value between people, businesses and financial institutions just like email between mail services and texts between SMS providers. We believe by removing artificial economic borders, we can create a more inclusive global economy. 
Read more