Proof of Work (PoW)

Von CoinGecko | Aktualisiert am Mar 03, 2020
An algorithm that rewards the first person that solves a computational problem (i.e. mining) to achieve distributed consensus. Miners compete to solve difficult cryptographic puzzles in order to add the next block on the blockchain. It prevents spam and cyber attacks such as DDoS as it requires work (i.e. processing time) from the service requester.

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Verwandte Begriffe

Lightning Network
It is the "second layer" or an off-chain of payment protocol that operates on top of a blockchain. Payments on this network do not need block confirmation and it will be instant.
Whale
Someone who holds an enormous amount of cryptocurrency and has the ability to wave the market
Internet of Things (IoT)
It is a system that lets any devices that are connected to internet to comunicate with each other without human-to-human or human-to-devices interactions.
Public Keys
The alphanumeric string which serves as a public receiving address in cryptocurrencies.
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