See Also
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 […]
ELI5 Proof of Stake (PoS) – How does PoS work?
In the cryptocurrency universe, Proof of Stake (PoS) is one of the most popular alternatives to the Proof of Work (PoW) family of consensus mechanisms. While PoW systems invest large amounts of energy to make sure transactions are legit, PoS does not require mining hardware. Proof of Stake “miners” (stakers) must lock a financial stake […]
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 […]
ELI5: Blockchains explained in simple terms
A blockchain is a database formed by a sequence of entries called (you guessed it) blocks. Blockchains have a special characteristic by which any attempt to modify one of its entries would modify the entire chain. It is, therefore, an immutable data structure, which stores blocks in chronological order of insertion. This makes blockchain a […]