Secure Hash Algorithm

Meaning of Secure Hash Algorithm SHA is a cryptographic hash function standard. It is overseen by NIST and in different stages like SHA-1, SHA-2, SHA-3.

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Proof of Concept

Meaning of Proof of Concept It is an algorithm which aims to replicate the same process as the fiat interbank settlement system. One of the earliest known experiment of PoC was initiated by SARB.

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Optical Proof of Work

Meaning of Optical Proof of Work PoWx is an advanced version of PoW mining algorithm proposed in mid 2018 to replace POW which uses more energy during mining with laser technology with less energy consumption. It also aims to make mining of PoW based cryptocurrency coins like Bitcoin more decentralized. Proposed: July, 2018 Founder: Michael Dubrovsky Website: https://www.arrakisphotonics.com/

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Pre Mine

Meaning of Pre Mine This is a process of generating new coins/tokens without the need to go through crypto mining processes like POW. Crypto coin/token with this pre-mine features are easily manipulateable by developers or hackers if not well monitored by the community.

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Application Specific Integrated Circuit

Meaning of Application Specific Integrated Circuit ASIC is a chip specifically created to execute one task. An example of one such model is an ASIC miner created to ONLY process SHA-256, which is the problem offered by the Bitcoin Blockchain to mine new coins. There are also ASIC’s for scrypt which specifically solves the mathematical code […]

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Field-Programmable Gate Array

Meaning of Field-Programmable Gate Array It is an early mining equipment which was in vogue and leading Bitcoin miner in 2010 to 2013 before it became obsolete and replaced by ASIC Miner. FPGA had upto 25GH/S mining power.  

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Harvesting

Meaning of Harvesting This is a type of mining which uses Delegated Harvesting and PoI algorithm to determine miner reward and who get it on the Blockchain. The first use case of Harvesting is NEM (XEM).

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Proof of Weak Hands

Meaning of Proof of Weak Hands PoWH unlike PoW, PoS, PoB etc., it is setup to distribute money from new token purchases to existing investors. It is has not yet been proven to be a sustainable consensor mechanism in Blockchain and categorized as Ponzi scheme focused.

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Delegated Proof of Stake

Meaning of Delegated Proof of Stake A Delegated Proof-of-Stake algorithm helps to validates transactions differently like representative democracy, token stakeholders “elect” validators to secure the Blockchain network. As a result, transactions are validated faster, making this approach optimal for e-commerce platforms as introduced by platforms like CyberMiles Blockchain.

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