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
Decentralized Autonomous Organization (DAO)
Open source and decentralized systems that do not require centralized operators or controllers.
Utility Token
cryptocurrency tokens with specific utilities on a network besides being used as medium of exchange and investment vehicle.
Variable Buy/Sell Tax
On-chain buy sell tax rate that is not fixed, whereby it is possible for contract owners to change at will.
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.
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