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
Derivatives
A financial instrument which derives its value from the performance of an underlying asset or index (eg. gold, crude oil)
Decentralized Applications (dApps)
Applications that run on decentralized peer-to-peer networks such as Ethereum.
Ask Me Anything (AMA)
Ask me anything refers to actions where individuals of certain profession (eg. fireman, nurse, journalists) or company (eg. CEO of Tesla) conduct a session for users to ask them questions.
Batch Auction
A Batch Auction distributes an amount of tokens to users that is proportional to their contribution to the pool.
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