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The term "proof of work" was first coined and formalized in a 1999 paper by Markus Jakobsson and Ari Juels. [2] [3] 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). [4] [5]
Financial cryptography is the use of cryptography in applications in which financial loss could result from subversion of the message system. Financial cryptography is distinguished from traditional cryptography in that for most of recorded history, cryptography has been used almost entirely for military and diplomatic purposes.
For a blockchain transaction to be recognized, it must be appended to the blockchain. In the proof of stake blockchain, the appending entities are named minters or validators (in the proof of work blockchains this task is carried out by the miners); [2] in most protocols, the validators receive a reward for doing so. [3]
Hashcash is a proof-of-work system used to limit email spam and denial-of-service attacks. Hashcash was proposed in 1997 by Adam Back [1] and described more formally in Back's 2002 paper "Hashcash – A Denial of Service Counter-Measure". [2] In Hashcash the client has to concatenate a random number with a string several times and hash this new ...
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. [1] [2] It is notable as the first cryptocurrency to implement the proof-of-stake consensus mechanism. [3]
Proof of identity (PoID) is a consensus protocol for permission-less blockchains, in which each uniquely identified individual receives one equal unit of voting power and associated rewards (minting token). The protocol is based on biometric identification, humanity identification parties and additional verification parties.
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Primecoin was launched in 2013 by Sunny King, who also founded Peercoin. [4] [5]Unlike other cryptocurrencies, which are mined using algorithms that solved mathematical problems with no extrinsic value, mining Primecoin involves producing chains of prime numbers (Cunningham and bi-twin chains).