Basic Concepts

In the Basic Concepts category you will find introductory articles that range from the very basics (such as the ELI5 subsection) to medium difficulty subjects (e.g. beginning programming).

The concepts presented on this section are recommended for those beginning with cryptocurrency programming, investing, mining and other crypto related activities which involve some technical background.

ELI5 – What are Ouroboros VRF keys? by @Cryptobill
The Cardano blockchain is unique in many different aspects. It's a 3rd generation cryptocurrency which comes with on-chain governance, Proof of Stake validation, non-custodial...
Proof of Space Time (PoST) Summary [Cryptocurrency consensus mechanisms] by @Cryptobill
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 w...
ELI5 What is a blockmesh? by @Cryptobill
You've probably heard all about blockchains and how this technology promises to revolutionize finance, logistics, central banks and so on. But did you know that a blockchain i...
ELI5 Summary of cryptocurrency consensus mechanisms by @Cryptobill
There are currently two mainstream consensus mechanisms which are used by most cryptocurrencies: proof of work (PoW) and proof of stake (PoS). But these aren't the only ones! In f...
Proof of Capacity (PoC) Summary [Cryptocurrency consensus mechanisms] by @Cryptobill
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. Wh...
Proof of Space (PoSpace) Summary [Cryptocurrency consensus mechanisms] by @Cryptobill
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 netw...
Proof of Activity (PoA) Summary [Cryptocurrency consensus mechanisms] by @Cryptobill
Proof of Activity (PoA) is a cryptocurrency consensus mechanism which combines Proof of Work (PoW) and Proof of State (PoW) into a hybrid mining system. In a PoA system, valida...
Proof of Burn (PoB) Summary [Cryptocurrency consensus mechanisms] by @Cryptobill
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 princip...
Avalanche Consensus Mechanism Summary [Cryptocurrency consensus mechanisms] by @Cryptobill
A new class of consensus mechanism called Avalanche is being actively developed at Cornell University. This new consensus mechanism is  completely different from most systems...
Proof of Trust (PoT) Summary [Cryptocurrency consensus mechanisms] by @Cryptobill
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...