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
Dominance
Typically refers to Bitcoins' market capitalization dominance.
Proof-of-Authority (PoA)
A consensus algorithm that asigns block validation queue based on identity and reputation.
Altcoin
Coins althernative to Bitcoin
UTC Time
"Universal Time Coordinated", can be used interchangably with Greenwich Mean Time (GMT).
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