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
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).
Genesis Block
It is the first block of data that is processed and validated to form a new blockchain, typically called as 'block 0' or 'block 1'.
Shitcoin
A coin with no obvious potential value or usage.
Mineable
A cryptocurrency is said to be "mineable" when it has the system thrugh which miners can be rewarded with newly-created cryptocurrencies for creating blocks.
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