MINING ALGORITHM - ETHEREUM CLASSIC - HYBRID POS/POW - LIGHTNING NETWORK -

rspower (48)in #blockchain • 6 years ago


MINING ALGORITHM	this protocol tries to solve the bitcoin scalability problem. the lightning network will allow bitcoin transactions to happen instantly, without worrying about block confirmation times. it's a decentralized network using smart contract functionality on the blockchain to enable instant payments across a network of participants. ^{Source + Source}
ETHEREUM CLASSIC	bitcoin’s mining algorithm is sha256, whilst litecoin & dogecoin’s are scrypt. the algorithm used by a cryptocurrency to sign transactions, these vary across different cryptocurrencies. ^{Source + Source}
HYBRID POS/POW	ethereum after a hard fork. a split from an existing cryptocurrency. ^{Source + Source}
LIGHTNING NETWORK	in this method, a balance between miners and voters (holders) may be achieved, creating a system of community-based governance by both insiders (holders) and outsiders (miners). a hybrid pos/pow allows for both proof of stake and proof of work as consensus distribution algorithms on the network. ^{Source + Source}


MINING ALGORITHM	bitcoin’s mining algorithm is sha256, whilst litecoin & dogecoin’s are scrypt. the algorithm used by a cryptocurrency to sign transactions, these vary across different cryptocurrencies. ^{Source + Source}
ETHEREUM CLASSIC	ethereum after a hard fork. a split from an existing cryptocurrency. ^{Source + Source}
HYBRID POS/POW	in this method, a balance between miners and voters (holders) may be achieved, creating a system of community-based governance by both insiders (holders) and outsiders (miners). a hybrid pos/pow allows for both proof of stake and proof of work as consensus distribution algorithms on the network. ^{Source + Source}
LIGHTNING NETWORK	this protocol tries to solve the bitcoin scalability problem. the lightning network will allow bitcoin transactions to happen instantly, without worrying about block confirmation times. it's a decentralized network using smart contract functionality on the blockchain to enable instant payments across a network of participants. ^{Source + Source}

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