ASIC Resistant
By CoinGecko | Updated on Mar 03, 2020
Typically used within the crypto world to describe the proof-of-work protocols that aim to prevent the use of ASICs for mining. Typically, this is achieved by making certain adjustments such that a ASIC will not have any competitive advantage over consumer hardware, or through inclusion of many various algorithm that makes it difficult for ASICs to have an edge against regular hardware.
The aim of ASIC resistant algorithms are usually to avoid the centralization of mining in that typically happens as ASIC machines.
Related Terms
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.
Transaction Fee
A payment to the network for performing a transaction to be recorded on the blockchain.
Yield Farming
Yield farming involves putting cryptocurrency into a DeFi protocol to collect interest on trading fees.
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