Proof of Work:
Proof of work is a method that uses computing power to solve highly complex math problems to achieve distributed consensus.
Proof of Stake:
The proof-of-stake model allows owners of a cryptocurrency to stake coins and create their own validator nodes. Staking is when you pledge your coins to be used for verifying transactions. Your coins are locked up while you stake them, but you can unstake them if you want to trade them.
Delegated Proof of Stake:
DPos system is maintained by an election system for choosing nodes that verify blocks. These nodes are called “witnesses” or “block producers”. Selected witnesses are responsible for creating blocks by verifying transactions.
Proof of Activity:
Proof of Activity is a hybrid consensus mechanism that combines the features of Proof of Work and Proof of Stake into a new approach to generating new blocks.
Proof of Authority:
The PoA consensus algorithm leverages the value of identities, which means that block validators are not staking coins but their own reputation instead. Therefore, PoA blockchains are secured by the validating nodes that are arbitrarily selected as trustworthy entities.
Proof of Burn:
PoB operates on the principle of allowing miners to “burn” virtual currency tokens. They are then granted the right to write blocks in proportion to the coins burnt.
Proof of Capacity/Proof of Space:
Proof of capacity (PoC) is a consensus mechanism algorithm used in blockchains that allow for mining devices in the network to use their available hard drive space to decide mining rights and validate transactions.
Proof of Elapsed Time:
PoET is a consensus algorithm used in a permissioned blockchain network to decide on mining rights and the next block miner. PoET uses a lottery-style random selection to select the node that is going to win the new block.
Proof of Importance:
A proof of importance algorithm prioritizes miners based on the number of transactions in the corresponding cryptocurrency that they perform. The more transactions are made to and from an entity’s cryptocurrency wallet, the higher that entity’s chances of being given mining projects are.
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