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
Goblin Town
A term used to describe the market's persistent downtrend, synonymous with "bear market".
Degen
Cryptotrading without Due Diligence and research - basically gambling
Halving
Event that serves to reduce in half the reward of the Proof-of-Work miners that operate in the blockchain network.
Sell wall
Anomalously large sell order(s) at a single price point that reflects as a "wall" in the order book.
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