Block Reward
By CoinGecko | Updated on Mar 03, 2020
In the context of Bitcoin, one of the mechanisms built into it's protocol is to have what is known as block rewards to act as incentives for users to secure the network. Bitcoin mining is the activity and block rewards in the form of cryptocurrency (Bitcoin) is what incentivizes miners to secure the network by validating the data of new blocks.
Related Terms
Proof-of-Authority (PoA)
A consensus algorithm that asigns block validation queue based on identity and reputation.
Seed
A value used to initiate generation of pseudorandom number, ususally a string of 12 commen English words.
Off-chain
It refers to transactions occuring outside the blockchain and executed instantly.
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
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