ELI5 – Explain Cryptocurrency Like I’m 5! Category - Page 2

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...
ELI5 Facebook Libra Cryptocurrency by @Gal
Facebook is getting ready to unveil their new cryptocurrency project called Project Libra Network on June 18 (9 days from now). In this post I’ll summarize everything I’ve ...
ELI5 Wraith Protocol by @Gal
Wraith protocol was introduced by the Verge cryptocurrency team in late 2017. It allows users to choose whether to make their transactions private or not. The initial Wraith...
ELI5 What is OpenBazaar? by Gal Crypto
OpenBazaar is a P2P application that allows people to sell their artworks, creations and anything else via a 100% decentralized marketplace. There is no middleman and no fees t...
ELI5 What is the best cryptocurrency? by @Gal
I've seen this asked a lot, so I thought I'd post about it. What's the best crypto? My impulse here is to simply reply "well, duh, there's no such thing as a best cryptocurr...