Proof of Work (PoW)

What does Proof of Work (PoW) means?

It’s the short form of Proof of Work—An expensive validation process on the blockchain where miners verify new transactions by solving hash puzzles. This mechanism secures the blockchain by preventing malicious use of high computing power and ensures the creation of new blocks after transaction validation. The PoW mechanism, however, revolves around the evidence of work, which prevents double spending of coins. However, it rewards the miners as incentives for their work.

Examples

Examples of blockchains that use PoW include:

Bitcoin
Ethereum: But it is set to merge with Beacon, a PoS blockchain, according to a report on dailyfx.

Random Slangs

Never trust, always verify

A warning to assume that every other person or project on the internet is a scam. Otherwise known as the zero trust in cyber security,

Tokenomics

A combination of “token” and “economics.” It defines the financial chain attribute of a digital token that makes it attractive to investors. These include statistical

Public key

This is a cryptographical hash that produces public wallet addresses for transacting cryptocurrencies. Although it comes with your private key, you can share it with

WAGMI

It means “We are all going to make it.” Often used on Twitter and Discord to express optimism to the NFT community when a decision

Ape-ing (into something)

When you ‘ape into’ something, it means that you’re buying something in an irresponsible manner and typically out of “FOMO”, and/or without doing your due diligence.