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RE: Dan and Vitalik discussing Etherium 3 years ago: why EOS could be better
I'm making the crypto world friendly and accessible for everyone by explaining acronyms and terms related to cryptocurrency. Here I found:
| Proof of Work (PoW) | A Proof of Work is essentially a datum that is very costly to produce in terms of time and resources, but can be very simply verified by another party. The transaction is put into a block, a computer solves mathematical problems, and the first computer that solve the problem will receive a reward, the miners compete to be the first one to solve the block |
| Proof of Stake (PoS) | Proof of stake has been considered the greener alternative to Proof of Work (PoW). Where PoW requires the prover to perform a certain amount of computational work, a proof of stake system requires the prover to show ownership of a certain amount of money, or stake |
| ICO | Initial Coin Offering is a means of crowdfunding the release of a new cryptocurrency, the tokens being sold to raise money for technical development |
Please upvote for visibility. If there are any missing terms here you want to be added to the database, please comment, so I'll become better.