Common Terms in Web3

1

Hedera Hashgraph

Proof of Stake is a category of consensus that requires validators on the network to hold an amount of cryptocurrency corresponding to the network they are validating. The more you hold, the more weight your validation has on the consensus of the network. There are varying PoS consensus mechanisms, but they all ensure a base level of network security by requiring validators to be invested in the network. This way, if a bad actor were to try and create a bad state of the network, they would have to be heavily invested in the network's native token and thus in the network's success. Some example of proof of stake networks are Hedera Hashgraph Algorand and Cardano.

#Finance #Development #Maps 108 social mentions

2

FileCoin

Distributed Ledger Technology(DLT) is the overarching category of web3. DLTs encompass any distributed network that works to achieve consensus on the information. Blockchains are distributed ledgers, but notably not the only kind. Other distributed ledgers don't use a chain-coded architecture. For example, some DLTs utilize Directed Acyclic Graph(DAG) architectures for their consensus mechanisms. Examples of distributed ledgers that utilize DAG architectures are Hedera Hashgraph and Filecoin.

#Blockchain #Cloud Storage #Decentralized Storage 75 social mentions

3

Ethereum

Proof of work was the first consensus mechanism utilized in Distributed Ledgers. Proof of work is the consensus mechanism behind Bitcoin and Ethereum (although there is a discussion of Ethereum moving to Proof of Stake). The Mechanism requires validators referred to as miners, to expend computational effort to validate the network. This deters malicious actors from attacking the network in a game-theoretic model by requiring them to have enormous resources to attack the network.

#Business & Commerce #Productivity #Sales 148 social mentions

4

Cardano

Proof of Stake is a category of consensus that requires validators on the network to hold an amount of cryptocurrency corresponding to the network they are validating. The more you hold, the more weight your validation has on the consensus of the network. There are varying PoS consensus mechanisms, but they all ensure a base level of network security by requiring validators to be invested in the network. This way, if a bad actor were to try and create a bad state of the network, they would have to be heavily invested in the network's native token and thus in the network's success. Some example of proof of stake networks are Hedera Hashgraph Algorand and Cardano.

#Cryptocurrencies #Blockchain #Cryptocurrency Wallets 169 social mentions

5

Bitcoin

Proof of work was the first consensus mechanism utilized in Distributed Ledgers. Proof of work is the consensus mechanism behind Bitcoin and Ethereum (although there is a discussion of Ethereum moving to Proof of Stake). The Mechanism requires validators referred to as miners, to expend computational effort to validate the network. This deters malicious actors from attacking the network in a game-theoretic model by requiring them to have enormous resources to attack the network.

#Business & Commerce #Productivity #Sales 67 social mentions