Announcing the launch of our “NFT Spotlight" - a collaborative effort between CoinGecko & artists to democratize art appreciation Artist palette. As part of our collaboration, Sven Eberwein, has crafted three unique artworks that depict the studies of a Gecko - Check out the first NFT Drops! 🦎🎨

Proof of Work (PoW)

By CoinGecko | Updated on 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.

Share this with a friend!

Related Terms

Software Development Kit (SDK)
It is a collection of software development tools in one package installation. It is designed to help developing applications for a specific device or operating system (OS).
Hard cap
The maximum amount that an ICO will be raising.
Hybrid PoW/PoS
It is the allowance for both Proof-of-Stake and Proof-of-Work distribution consensus to work on the same network.
QR Code
Abbreviation "Quick Response Code", QR code is a machine readable optical label that stores up to 3Kb of data
Hungry for more knowledge?
Back to Glossary or Subscribe to our newsletter.
coingecko (thumbnail mini)
CoinGecko for iOS
coingecko (thumbnail mini)
CoinGecko for Android