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
Money Printer Go Brrr
A meme made to describe the US Fed printing excessive amount of money to support the traditional financial market to avert the stock market crash during the COVID-19 coronavirus pandemic.
Mainnet
It is the main network of Bitcoin, where the transactions of this cryptocurrency are registered and take place.
Circulating Supply
An approximation of the number of coins or tokens that are currently not locked and available for public transactions.
Atomic SWAP
Atomic Swap refers to the exchange of cryptocurrencies that operate in different block chains without intermediaries.
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