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
QR Code
Abbreviation "Quick Response Code", QR code is a machine readable optical label that stores up to 3Kb of data
Block Height
A number that is used to indicated the position of a particular block within a blockchain
Distributed Ledger Technology (DLT)
Describes the technology that enables distributed ledger.
Peer to Peer
A communication protocol that does not require a central hub
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