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.
Related Terms
Oracles
In the context of crypto, oracles refers to services which verify real-world and provide data to blockchains/smart contracts.
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
Mining
It is the process of the miners verify and adding transaction recors into a block.
Mt. Gox
Mtgox or Mt. Gox was one of the first websites where users could take part in fiat-to-bitcoin exchange (and vice versa).
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