See Also
Proof of Space Time (PoST) Summary [Cryptocurrency consensus mechanisms]
Physicists have been discussing spacetime since the early 1900’s. A very smart person, by the name of Albert Einstein, modeled space as 4 dimensions rather than just 3. The axis were then X, Y, Z and …. time. Fortunately, you don’t need to understand Relativity Theory in order to grasp Proof of Spacetime! PoST Fast […]
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 […]
Proof of Capacity (PoC) Summary [Cryptocurrency consensus mechanisms]
Proof of Capacity (PoC) consensus algorithms require network participants to prove they have performed a certain amount of storage operations in order to mine a valid block. Where Proof of Work consensus requires users to prove they have performed computations in time (to guarantee a 10 minute space between Bitcoin blocks, for example), Proof of […]
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 […]