Proof of Stake (PoS)
By CoinGecko | Updated on Mar 03, 2020
Initially designed to address the massive energy consumption. Rather than requiring miners / validators to spend resources on energy computational infrastructure, Proof of Stake is a consensus algoritm elects block validators to sign blocks based on the stake weight (an aggregate of how much token was staked and the length of time staked) of each validator.
Related Terms
Salt (cryptography)
In cryptography, a salt is the additional random input that is added to password or passphrase to make the password hash unique. It prevents from the hashed output password to be cracked so easily by the hacker.
Cold Storage
Offline storage of cryptocurrencies which is arguably safer as they also require physical access (eg. hardware wallet, paper wallets)
IEO
Initial Exchange Offering (IEO) is a spin-off of Initial Coin Offering (ICO), where the sale of tokens are conducted on an exchange rather than by the coin team themselves.
Consensus
Consensus is achieved in a blockchain system when all participants agree on the content of the next block that will be added onto the blockchain.
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