ELI5 – Explain Cryptocurrency Like I’m 5!

The very basics for anyone who’s getting started with cryptocurrencies or would like to get involved with crypto software development.

Most articles in this section assume no previous experience with cryptocurrencies.

We try to cover a broad range of subjects, from mining to software development, using accessible language and no excessively technical terms.

ELI5 : What is Gitcoin? by @Gal
Gitcoin is a bounty market for open source (OSS) projects. It was launched in September 2017 as a tool to promote OSS using cryptocurrencies. The name is a portmanteau of Git a...
Proof of Activity (PoA) Summary [Cryptocurrency consensus mechanisms] by @Gal
Proof of Activity (PoA) is a cryptocurrency consensus mechanism which combines Proof of Work (PoW) and Proof of State (PoW) into a hybrid mining system. In a PoA system, valida...
Proof of Burn (PoB) Summary [Cryptocurrency consensus mechanisms] by @Gal
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 princip...
Proof of Trust (PoT) Summary [Cryptocurrency consensus mechanisms] by @Gal
In a Proof of Trust system, users in a network gain trust as they participate in special activities within the network. If a user tries to defraud the system, the trust is lost...
Proof of Authority (PoA) Summary [Cryptocurrency consensus mechanisms] by @Gal
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 t...
Proof of Elapsed Time (POET) Summary [Cryptocurrency consensus mechanisms] by @Gal
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 b...
Proof of Location (PoL) Summary [Cryptocurrency consensus mechanisms] by @Gal
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 geom...
Winning Bustabit strategy: ELI5 How to consistently win at Bustabit! by Gal Crypto
Bustabit is a betting game where you try to guess the largest possible magic number in each contest. Sounds kinda dull, but there's a catch: this number is a Bitcoin multiplie...
Proof of Work Summary [Cryptocurrency consensus mechanisms] by @Gal
PoW uses a brute force approach where miners compete to find block hashes beginning with a certain number of zeroes. The more zeroes, the more difficult it is to find such hash...
Proof of Stake Velocity (PoSV) Summary [Cryptocurrency consensus mechanisms] by @Gal
As the name implies, Proof of Stake Velocity is a variation on traditional PoS. It was developed for the Reddcoin project, which abandoned Proof of Work in favor of the more en...