MT GOX - PROOF- OF- STAKE (POS) - SOFTFORK - PROOF OF WORK -

ali.wood (49)in #cryptocurrency • 6 years ago


MT GOX	based in japan, the exchange was started by jed mccaleb in 2010. mt. gox has since gone into administration. one of the first bitcoin exchanges, and at one time the most popular. ^{Source + Source}
PROOF- OF- STAKE (POS)	since old nodes will recognize the new blocks as valid, a softfork is backward-compatible. a softfork is a change to the bitcoin protocol wherein only previously valid blocks/transactions are made invalid. this kind of fork requires only a majority of the miners upgrading to enforce the new rules^{Source + Source}
SOFTFORK	the more bitcoin or altcoin owned by a miner, the more mining power he or she has. concept states that a person can mine or validate block transactions according to how many coins he or she holds. ^{Source + Source}
PROOF OF WORK	the more ‘work’ you do or the more computational power you provide, the more coins you are rewarded with. a consensus distribution algorithm that requires an active role in mining data blocks, often consuming resources, such as electricity. ^{Source + Source}


MT GOX	based in japan, the exchange was started by jed mccaleb in 2010. mt. gox has since gone into administration. one of the first bitcoin exchanges, and at one time the most popular. ^{Source + Source}
PROOF- OF- STAKE (POS)	the more bitcoin or altcoin owned by a miner, the more mining power he or she has. concept states that a person can mine or validate block transactions according to how many coins he or she holds. ^{Source + Source}
SOFTFORK	since old nodes will recognize the new blocks as valid, a softfork is backward-compatible. a softfork is a change to the bitcoin protocol wherein only previously valid blocks/transactions are made invalid. this kind of fork requires only a majority of the miners upgrading to enforce the new rules^{Source + Source}
PROOF OF WORK	the more ‘work’ you do or the more computational power you provide, the more coins you are rewarded with. a consensus distribution algorithm that requires an active role in mining data blocks, often consuming resources, such as electricity. ^{Source + Source}

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