See Also
Proof of Location (PoL) Summary [Cryptocurrency consensus mechanisms]
In a Proof of Location consensus algorithm, users’ geospatial coordinates are accounted for as proof of value. This kind of algorithm is usually employed in cryptocurrency geomining systems. In a geomining application, users earn rewards for being at a certain place at a certain time. If, for example, a company wished to gather participants for […]
Proof of Burn (PoB) Summary [Cryptocurrency consensus mechanisms]
In the Proof of Burn (PoB) consensus mechanism, miners earn the right to mint the next block by burning some value in the blockchain. All proof systems are based on the principle that minting a block must incurr in some cost, otherwise fraudsters could inject invalid transactions into the blockchain. Bitcoin achieves this by making […]
Proof of Authority (PoA) Summary [Cryptocurrency consensus mechanisms]
Proof of Authority is a consensus mechanism where members of a cryptocurrency network are identified and receive delegated powers to solve blocks. If they defraud the system their identity is at stake and they will either be prosecuted or booted from the network. This is a centralized system where a higher authority delegates mining powers […]
Proof of Elapsed Time (POET) Summary [Cryptocurrency consensus mechanisms]
In this poetically named consensus mechanism, network participants prove that they have slept for a random amount of time before being able to mint a block. POET was released by Intel in 2016 and was originally aimed at trusted computing using Intel CPU’s. A special instruction set called Software Guard Extensions (SGX) allows programs to […]