PROOF-OF-WORK - FORK - PROOF OF WORK - ASIC -

megan.brown (48)in #money • 6 years ago


PROOF-OF-WORK	it can also be used to describe a separate cryptocurrency which has been split from the main blockchain, such as namecoin being a “fork” of bitcoin. a split in the blockchain where there are temporarily two different blockchains which miners can work on. (this change is called a “hard fork”.) these can occur if software updates to a bitcoin client are incompatible or if developers decide that changes must be made to the programming of a coin. forks create an alternate version of the blockchain, leaving two blockchains to run simultaneously on different parts of the network. ^{^{Source + Source}}
FORK	often compared to gpus, asics are specially made for mining and may offer significant power savings. short form for ‘application specific integrated circuit’. ^{^{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}}
ASIC	a proof of work is a piece of data which is easy for others to verify and which satisfies certain requirements. is difficult (costly, time-consuming) to produce.^{^{Source + Source}}


PROOF-OF-WORK	a proof of work is a piece of data which is easy for others to verify and which satisfies certain requirements. is difficult (costly, time-consuming) to produce.^{^{Source + Source}}
FORK	it can also be used to describe a separate cryptocurrency which has been split from the main blockchain, such as namecoin being a “fork” of bitcoin. a split in the blockchain where there are temporarily two different blockchains which miners can work on. (this change is called a “hard fork”.) these can occur if software updates to a bitcoin client are incompatible or if developers decide that changes must be made to the programming of a coin. forks create an alternate version of the blockchain, leaving two blockchains to run simultaneously on different parts of the network. ^{^{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}}
ASIC	often compared to gpus, asics are specially made for mining and may offer significant power savings. short form for ‘application specific integrated circuit’. ^{^{Source + Source}}

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