Proof of Stake (PoS)
By CoinGecko | Updated on Mar 03, 2020
Initially designed to address the massive energy consumption. Rather than requiring miners / validators to spend resources on energy computational infrastructure, Proof of Stake is a consensus algoritm elects block validators to sign blocks based on the stake weight (an aggregate of how much token was staked and the length of time staked) of each validator.
Related Terms
Byzantine Generals’ Problem
A term used to describe the situation a single strategy which requires consensus from all members within a group who cannot be trusted or verified
Non-Fungible Tokens (NFT)
They are collectible elements within the Ethereum blockchain under ERC-721, where each token refers to a single element with a certain value
Token Generation Event (TGE)
An event in which new tokens (ussually on a smart contract platform) are created and distributed to the public.
Privacy Coins
Cryptocurrencies that are designed with transaction anonimity and user privacy in mind.
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