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Proof of work (PoW) is a form of cryptographic proof in which one party proves to others that a certain amount of a specific computational effort has been expended. Verifiers can subsequently confirm this expenditure with minimal effort on their part. The concept was invented by Moni Naor and Cynthia Dwork in 1993 as a way to deter denial-of-service attacks and other service abuses such as spam on a network by requiring some work from a service requester, usually meaning processing time by a computer. The term "proof of work" was first coined and formalized in a 1999 paper by Markus Jakobsson and Ari Juels. The concept was adapted to digital tokens by Hal Finney in 2004 through the idea of "reusable proof of work" using the 160-bit secure hash algorithm 1 (SHA-1).
Double-spending is the unauthorized production and spending of money, either digital or conventional. It represents a monetary design problem: a good money is verifiably scarce, and where a unit of value can be spent more than once, the monetary property of scarcity is challenged. As with counterfeit money, such double-spending leads to inflation by creating a new amount of copied currency that did not previously exist. Like all increasingly abundant resources, this devalues the currency relative to other monetary units or goods and diminishes user trust as well as the circulation and retention of the currency.
A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. It has, from a financial point of view, grown to be its own asset class. However, on the contrary to other asset classes like equities or commodities, sectors have not been officially defined as of yet, though abstract versions of them exist.
Peercoin, also known as Peer-to-Peer Coin, PP Coin, or PPC, is a cryptocurrency utilizing both proof-of-stake and proof-of-work systems.
Primecoin is a cryptocurrency that implements a proof-of-work system that searches for chains of prime numbers.
Proof-of-stake (PoS) protocols are a class of consensus mechanisms for blockchains that work by selecting validators in proportion to their quantity of holdings in the associated cryptocurrency. This is done to avoid the computational cost of proof-of-work (POW) schemes. The first functioning use of PoS for cryptocurrency was Peercoin in 2012, although the scheme, on the surface, still resembled a POW.
Ethereum is a decentralized blockchain with smart contract functionality. Ether is the native cryptocurrency of the platform. Among cryptocurrencies, ether is second only to bitcoin in market capitalization. It is open-source software.
Stellar, or Stellar Lumens, is an open-source, decentralized protocol for digital currency to fiat money low-cost transfers which allows cross-border transactions between any pair of currencies. The Stellar protocol is supported by a Delaware nonprofit corporation, the Stellar Development Foundation, though this organization does not enjoy 501(c)(3) tax-exempt status with the IRS.
A decentralised application is an application that can operate autonomously, typically through the use of smart contracts, that run on a decentralized computing, blockchain or other distributed ledger system. Like traditional applications, DApps provide some function or utility to its users. However, unlike traditional applications, DApps operate without human intervention and are not owned by any one entity, rather DApps distribute tokens that represent ownership. These tokens are distributed according to a programmed algorithm to the users of the system, diluting ownership and control of the DApp. Without any one entity controlling the system, the application is therefore decentralised.
A distributed ledger is a system whereby replicated, shared, and synchronized digital data is geographically spread (distributed) across many sites, countries, or institutions. In contrast to a centralized database, a distributed ledger does not require a central administrator, and consequently does not have a single (central) point-of-failure.
Ethereum Classic is a blockchain-based distributed computing platform that offers smart contract (scripting) functionality. It is open source and supports a modified version of Nakamoto consensus via transaction-based state transitions executed on a public Ethereum Virtual Machine (EVM).
Proof of space (PoS) is a type of consensus algorithm achieved by demonstrating one's legitimate interest in a service by allocating a non-trivial amount of memory or disk space to solve a challenge presented by the service provider. The concept was formulated in 2013 by Dziembowski et al. and by Ateniese et al.. Proofs of space are very similar to proofs of work (PoW), except that instead of computation, storage is used to earn cryptocurrency. Proof-of-space is different from memory-hard functions in that the bottleneck is not in the number of memory access events, but in the amount of memory required.
Firo, formerly known as Zcoin, is a cryptocurrency aimed at using cryptography to provide better privacy for its users compared to other cryptocurrencies such as Bitcoin.
Cardano is a public blockchain platform. It is open-source and decentralized, with consensus achieved using proof of stake. It can facilitate peer-to-peer transactions with its internal cryptocurrency, ADA.
Filecoin (⨎) is an open-source, public cryptocurrency and digital payment system intended to be a blockchain-based cooperative digital storage and data retrieval method. It was developed by Protocol Labs and shares some ideas from InterPlanetary File System allowing users to rent unused hard drive space. A blockchain mechanism is used to register the deals. Filecoin is an open protocol and backed by a blockchain that records commitments made by the network’s participants, with transactions made using FIL, the blockchain's native currency. The blockchain is based on both proof-of-replication and proof-of-spacetime.
Bitcoin Gold (BTG) is a cryptocurrency. It is a hard fork of Bitcoin, the open source cryptocurrency. It is an open source, decentralized digital currency without a central bank or intermediary that can be sent from user to user on the peer-to-peer Bitcoin Gold network.
Polkadot is a blockchain platform. The native cryptocurrency for the Polkadot blockchain is the DOT.
The Open Network is a decentralized computer network consisting of a layer-1 blockchain with various components. TON was originally developed by Nikolai Durov who is also known for his role in creating the messaging platform, Telegram. Telegram had planned to use TON to launch its own cryptocurrency (Gram), but was forced to abandon the project in 2020 following an injunction by US regulators. The network was then renamed and independent developers have created their own cryptocurrencies and applications using TON. Toncoin, the principal token of The Open Network is deeply integrated into the Telegram messaging app, used for paying rewards to creators and developers, buying Telegram ads, hosting giveaways or purchasing services such as Telegram Premium.
Tezos is an open-source blockchain that can execute peer-to-peer transactions and serve as a platform for deploying smart contracts. The native cryptocurrency for the Tezos blockchain is the tez. The Tezos network achieves consensus using proof-of-stake. Tezos uses an on-chain governance model that enables the protocol to be amended when upgrade proposals receive a favorable vote from the community. Its testnet was launched in June 2018, and its mainnet went live in September 2018.
Avalanche is a decentralized, open-source proof of stake blockchain with smart contract functionality. AVAX is the native cryptocurrency of the platform.
References
- 1 2 "Exploring Verum Coin: What You Need to Know About Its Technology And Ecosystem". International Business Times UK. 20 June 2024.
- ↑ "New Cryptocurrency Releases, Listings, & Presales Today – BlockDrop, Vatra INU, Verum Coin: Guest Post by Inside Bitcoins | CoinMarketCap". coinmarketcap.com.
- ↑ "Verum Coin and Verum Token: A New Stage of Development Based on Verum Chain Network". mnews.world.
- ↑ "Прогноз цены на Verum Coin: Инвестиционные перспективы на 2024-2030 годы – Daily Media" (in Russian).
- ↑ https://tronscan.org/#/token20/TCE4UnEdxoCWfBcZtjDnU4WJPpVeEM6uNm
- ↑ "Forbes magazine lists Verum Coin as a digital asset". mnews.world.
- ↑ "Invest in the Future with Verum Coin: Why It's Worth Your Attention? – The Money Times". 12 July 2024.
- ↑ "Verum E-SIM: ваша мобільна свобода без кордонів – Ukraine Times" (in Ukrainian).
- ↑ "Verum Coin Ecosystem Launches Verum Pay Solution Integrated With Native E-SIM and VPN Products". U.Today. 19 June 2024.
- ↑ "Verum Messenger: The New Gold Standard in Secure and Convenient Communication". mnews.world.
- ↑ "Exploring Verum Messenger: A New Frontier in Secure Communication". mnews.world.
- ↑ "Новое поколение мобильного интернета с Verum E-SIM | Gazeta Media" (in Russian). 11 December 2023.
- 1 2 Salam, Erum (26 April 2023). "Bitcoin is terrible for the environment – can it ever go green?". The Guardian.