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
Ledger
A record of financial transactions that cannot be changed, only appended with new transactions.
Validator
A block-signing participant of a Proof of Stake blockchain network, whom have significant tokens staked on the network.
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.
Graphical Processing Unit (GPU)
They are chips dedicated to graphics processing or floating point operations, allowing to lighten the workload of the processors during applications usage such as video games.
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