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It essentially has a network of validators who have to stake native tokens of a certain blockchain to be able to validate and create new blocks. Validators get block rewards for their work.</p>\n<p>By confirming blockchain transactions, PoS prevents the occurrence of double counting, which happens when the same token is used for more than one transaction. It&rsquo;s quite easy to spot double counting<strong> in a centralized environment</strong> (e.g. a bank overseeing fiat money), but with decentralized systems (e.g. cryptocurrencies) it would be really hard to do without PoS or any other consensus mechanism for that matter.</p>\n<p>Many experts believe that <strong>PoS is substantially more energy-efficient and secure than PoW</strong>, even though some skeptics challenge the validity of these claims. In fact, miners under PoW sometimes even need to sell their coins to pay for their energy bills. 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It assigns a non-fungible, unique blockchain-based identifier <strong>to individuals</strong> that only they have access to. POAP leverages the blockchain, which supports <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-digital-asset/">digital assets</strong></a> and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-non-fungible-token-nft/">non-fungible tokens (NFTs)</strong></a>, to handle the problem of identifying individuals rather than transactions or value.</p>\n<p>POAP <strong>enables event attendees to validate their attendance</strong> by collecting digital badges and storing them <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-on-chain/">on-chain. The badges are one-of-a-kind, therefore, the <strong>only way to get one is to</strong> pick it up at the event.&nbsp;</p>\n<p>Each badge is visually distinct and non-replicable, allowing it to function as an NFT that can be sold on <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-exchange/">exchanges. One of the key values of such badges is that they are <strong>irrefutable proof that an individual went to an event</strong>.</p>\n<p>POAP users are divided into two groups: event planners and collectors. Event planners can arrange events, as well as produce and distribute POAP badges to participants. While <strong>collectors</strong> can use personalized, one-of-a-kind NFT badges to commemorate special times in their lives or to indicate their attendance to others.</p>","level":"easy","meta_title":"What is Proof of Attendance Protocol (POAP)? 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Crypto Terms: Letter P

What is Proof-of-Developer (PoD)?

Proof-of-Developer (PoD) MEANING:
Proof-of-Developer (PoD) - any proof that identifies a real, living software developer of a cryptocurrency.
Easy
1 minute

Let's find out Proof-of-Developer (PoD) meaning, definition in crypto, what is Proof-of-Developer (PoD), and all other detailed facts.

Proof-of-Developer (PoD) is a type of proof that identifies a living cryptocurrency software developer. It prevents fraudsters from acquiring control over projects (particularly their funding) without providing finished products to investors. Usually, cryptocurrency-based projects use PoD.

Names, country of origin, social media handles, and personal email addresses are all stored in the PoD mechanism. Besides, the procedure entails checking the information and determining the developers' educational degree as well as their GitHub page.

PoD began in 2014 when crypto investors experienced losses as a result of pump and dump schemes. In the digital currency sector, these are scenarios in which malicious investors or developers of coins artificially boost prices. When they see a high return on their investments, they dump (sell) them, causing the price to drop, which results in the loss of money for other investors.

At a time when initial coin offers (ICOs) were gaining popularity, PoD was developed. Some ICO issuers were merely looking to take advantage of naive investors. PoD allows investors to go beyond the flashy ROI figures to discover if an ICO project actually has living, breathing developers.

Furthermore, PoD helps to detect people who are simply copying and pasting other crypto codes and promoting them as their own original initiatives in order to attract investments.