See Also
Proof of Space (PoSpace) Summary [Cryptocurrency consensus mechanisms]
Proof of Space uses hard disk space as the value used to guarantee a participant’s stake in mining. By allocating disk space, the network participant provides value to the network, which uses this space to solve computational problems. Given low network bandwidth for a lot of regions, making it difficult to transfer large amounts of […]
Opinion: Decentralized blockchains can only survive having a valuable token, like Bitcoin, attached to them [Feb 2018]
We’ve heard this time and again, especially from folks in the financial sector: “blockchain is here to stay, Bitcoin not so much”. Is this really so? We disagree, and in this article we discuss the origins of Bitcoin and how the problem it solved only makes sense when there’s a reward for participants to join […]
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 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 […]