ELI5 Is Coinbase safe?
There's an old saying by cryptocurrency experts that goes a little like this: "if you don't control your private key, then you don't really own cryptocurrency."
This is technic...
How do I safely store Bitcoin?
Bitcoin security boils down to a few good practices which you should be aware of :
Your private key is the single most important digital asset. With it all your addresses can b...
2010 Bitcoin and Altcoin Hacks [Part 2]
This article is part of our complete guide to Bitcoin and altcoin hacks. Here we cover Bitcoin and altcoin security incidents from the year 2010.
The Great Bitcoin Hack
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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 […]
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 Trust (PoT) Summary [Cryptocurrency consensus mechanisms]
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 and they lose an equivalent amount in value (the cryptocurrency or token employed). In a Proof of Trust system, “trust” is staked […]
ELI5 Proof of Stake (PoS) – How does PoS work?
In the cryptocurrency universe, Proof of Stake (PoS) is an alternative to the Proof of Work (PoW) consensus mechanism. How PoS Works While PoW guarantees that each network participant has performed a certain amount of work in order to receive a reward, Proof of Stake requires participants to prove that they are willing to guarantee […]
Concepts In This Page
A process or system by which multiple parties are able to reach consensus. In the context of cryptocurrencies, it's the process which allows for everyone to agree on everyone else's money balance. E.g. Bitcoin employs Nakamoto consensus via PoW mining.