Proof-of-work (PoW)

Blockchain networks use the PoW consensus technique to verify transactions and secure the network. PoW was first presented as a key component of the Bitcoin blockchain by its creator, Satoshi Nakamoto.

PoW requires users, known as miners, to solve challenging mathematical puzzles in order to add new blocks to the network. Other cryptocurrencies that use PoW consensus method include Litecoin (LTC)and Dogecoin (DOGE), amongst others.

More Definitions

Peer-to-peer (P2P)

Peer-to-peer (P2P) refers to a decentralized communication and computing model in which participants in a network, often referred to as "peers," interact directly with one another without the need for a centralized intermediary.

Paper Wallet

Paper wallets were a popular method to store cryptocurrency offline. These paper wallets consisted of a piece of paper with QR codes representing the private and public keys.

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