Proof-of-Work (PoW)</strong></a> scenario, the successful block miner is the first to evaluate the suitable <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-nonce/">nonce. This nonce takes a received quantity of computer power. Proof-of-History (PoH) is a bit different since it is able to <strong>overcome a verifiable delay function (VDF) </strong>by running a particular set of chronological steps. Since no parallel processing is allowed, evaluating the time it will take for each step is easy.</p>\n<p><strong>PoH employs Bitcoin's <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-sha-256/">SHA-256 <strong>algorithm </strong>to provide a reliable time-tracking mechanism within the decentralized blockchain. SHA-256 is a variant of SHA-2, a sophisticated encryption method created by the National Security Agency (NSA).</p>\n<p><strong>The only blockchain that uses the Proof-of-History algorithm is Solana</strong>. Hence, the blockchain can process about 60,00 transactions per second, making it very scalable. It also ensures that evaluating the timing of a transaction is quicker.</p>\n<p><strong>The mechanism is based on Proof-of-Stake;</strong> however, it does have a varying technique for calculating time. To evaluate the passage of time, historical events are currently being employed. These events are made into a hash, which can only be produced by prior events. It is impossible to counterfeit the hash.</p>\n<p>However, Proof-of-History has some drawbacks. For instance, there were several attacks in Solana found in the past that were caused by Proof-of-History. Also, the technique was never tested on a wide scale, so there are no guarantees that it actually operates without any errors.</p>\n<h2>Proof-of-History (PoH) VS Proof-of-Stake (PoS)</h2>\n<p>There are a lot of similarities between Proof-of-Stake and Proof-of-History algorithms. This is because <strong>Proof-of-Stake was used as a base for creating Proof-of-History</strong>.</p>\n<p>In both methods, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-validator/">
validators are utilized to ensure that transactions are validated, and new blocks are created. Also, both of them are developed on the very same foundation.</p>\n<p>Nonetheless, there are major differences between these two algorithms. <strong>Proof-of-Stake employs the timestamp function</strong>. This indicates that every node depends on the network's timestamp. The network functions in a slower manner because time has to flow via the network first.</p>\n<p>Besides, Proof-of-Stake uses the Verifiable Delay Function, which computes the time based on previous events. Following an examination of these occurrences, a hash function is created that can be verified by anyone. This hash is added to each and every block produced by the network.</p>\n<p> </p>","level":"hard","meta_title":"What is Proof-of-History (PoH)? 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Them?","featured_image_id":11359,"status":"published","chapter_id":7,"language":"en","order":4,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-an-airdrop","featured_image":{"id":11359,"uuid":"7b43c968-1275-4d3e-acb1-1707a43a4014","public_url":"https://assets.bitdegree.org/crypto/storage/optimized/what-is-an-airdrop-featured-image.jpg","path":"crypto/storage/optimized/what-is-an-airdrop-featured-image.jpg","original_path":"crypto/storage/original/what-is-an-airdrop-featured-image.jpg","name":"what-is-an-airdrop-featured-image.jpg","original_name":"what-is-an-airdrop-featured-image.jpg","title":null,"alt":null,"width":1024,"height":576,"disk":"spaces","status":"uploaded","readable_file_size":"66.05KB"},"youtube_video":null},{"slug":"how-to-get-free-crypto","title":"How to Get Free Crypto Assets?","featured_image_id":6542,"status":"published","chapter_id":7,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-get-free-crypto","featured_image":{"id":6542,"uuid":"4fceb9ab-391e-4ef9-b00d-c871a49878a3","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-get-free-crypto.o.jpg","path":"crypto/storage/media/how-to-get-free-crypto.o.jpg","original_path":"crypto/storage/media/how-to-get-free-crypto.jpg","name":"how-to-get-free-crypto.o.jpg","original_name":"how-to-get-free-crypto.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"93.93KB"},"youtube_video":null},{"slug":"how-to-arbitrage-crypto","title":"What is Crypto Arbitrage: The Main Principles","featured_image_id":null,"status":"published","chapter_id":7,"language":"en","order":6,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-arbitrage-crypto","featured_image":null,"youtube_video":null},{"slug":"what-is-fud","title":"What is FUD: How to Use It to Your Advantage While Investing in Crypto?","featured_image_id":11394,"status":"published","chapter_id":7,"language":"en","order":7,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-fud","featured_image":{"id":11394,"uuid":"defd32c5-d3e1-4e66-9f58-e2ee316bad3a","public_url":"https://assets.bitdegree.org/crypto/storage/optimized/what-is-fud-featured-image.jpg","path":"crypto/storage/optimized/what-is-fud-featured-image.jpg","original_path":"crypto/storage/original/what-is-fud-featured-image.jpg","name":"what-is-fud-featured-image.jpg","original_name":"what-is-fud-featured-image.jpg","title":null,"alt":null,"width":1024,"height":576,"disk":"spaces","status":"uploaded","readable_file_size":"65.30KB"},"youtube_video":null},{"slug":"investing-in-cryptocurrency","title":"Investing in Cryptocurrency: How to Manage Your 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Crypto?","featured_image_id":6532,"status":"published","chapter_id":7,"language":"en","order":9,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-a-rug-pull-in-crypto","featured_image":{"id":6532,"uuid":"be8043fb-078c-4487-9af9-d2d9c2b574ea","public_url":"https://assets.bitdegree.org/crypto/storage/media/what-is-a-rug-pull-in-crypto.o.jpg","path":"crypto/storage/media/what-is-a-rug-pull-in-crypto.o.jpg","original_path":"crypto/storage/media/what-is-a-rug-pull-in-crypto.jpg","name":"what-is-a-rug-pull-in-crypto.o.jpg","original_name":"what-is-a-rug-pull-in-crypto.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"92.28KB"},"youtube_video":null},{"slug":"how-to-avoid-rug-pulls-in-crypto","title":"How to Spot and Avoid Rug Pulls?","featured_image_id":6555,"status":"published","chapter_id":7,"language":"en","order":10,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-avoid-rug-pulls-in-crypto","featured_image":{"id":6555,"uuid":"80cbed9d-3b4b-45d9-9a85-d2d8108c0f32","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","path":"crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","original_path":"crypto/storage/media/how-to-avoid-rug-pulls.jpg","name":"how-to-avoid-rug-pulls.o.jpg","original_name":"how-to-avoid-rug-pulls.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"111.99KB"},"youtube_video":null},{"slug":"how-to-avoid-crypto-taxes","title":"The Key Legal Techniques of Avoiding Crypto Taxes","featured_image_id":6526,"status":"published","chapter_id":7,"language":"en","order":11,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-avoid-crypto-taxes","featured_image":{"id":6526,"uuid":"1e44162c-ef1d-4010-81b4-9e8d1809aedf","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-avoid-crypto-taxes.o.jpg","path":"crypto/storage/media/how-to-avoid-crypto-taxes.o.jpg","original_path":"crypto/storage/media/how-to-avoid-crypto-taxes.jpg","name":"how-to-avoid-crypto-taxes.o.jpg","original_name":"how-to-avoid-crypto-taxes.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"99.10KB"},"youtube_video":null}]},{"id":8,"title":"Crypto Analysis","slug":"crypto-analysis","updated":null,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-crypto-analysis.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-analysis-101.jpg","rating":100,"sections":[{"slug":"what-is-bullish-and-bearish","title":"Bearish and Bullish Markets: Do They Matter?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":1,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-bullish-and-bearish","featured_image":null,"youtube_video":null},{"slug":"best-technical-analysis-indicators-for-crypto","title":"5 Best Crypto Technical Analysis Indicators You Must Know About","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":2,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/best-technical-analysis-indicators-for-crypto","featured_image":null,"youtube_video":null},{"slug":"what-is-candlesticks","title":"Technical Analysis: What are Candlesticks, Trendlines, and Patterns?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":3,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-candlesticks","featured_image":null,"youtube_video":null},{"slug":"how-to-track-new-crypto-coins","title":"Crypto Tracking: How to Track Your Favorite Coins & Tokens?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":4,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-track-new-crypto-coins","featured_image":null,"youtube_video":null},{"slug":"how-to-research-crypto","title":"Crypto Research Fundamentals & Social Signals: Your Daily Trading Strategy","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-research-crypto","featured_image":null,"youtube_video":null}]},{"id":9,"title":"Mining","slug":"mining","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-crypto-mining.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-mining-101.jpg","rating":80,"sections":[]},{"id":10,"title":"Crypto Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":941,"original_id":null,"author_id":43,"translator_id":null,"title":"What is Protocol Layer?","slug":"what-is-protocol-layer","section":"P","keyword":"Protocol Layer","status":"published","definition":"is a foundational layer within the blockchain network.","content":"<p><strong>A Protocol Layer</strong> is a key component of the blockchain network. It’s a type of layer that acts as a foundation for the entire <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-network/">
network. Developers can also utilize it within their blockchain networks. For example, in order to create transactions or develop <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">
smart contracts</strong></a> that operate by their established rules.</p>\n<p>There are many layers within the blockchain. Below are a few examples:</p>\n<p><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-application-layer/">Application Layer</strong></a>. This layer focuses on the interactions with the user. For example, Metamask, Ethereum Wallet, or any other <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-decentralized-applications-dapps/">dApps within a specific blockchain. </p>\n<p><strong>Contract Layer</strong>. The key element within this layer is smart contract protocols. For example, Ethereum’s Solidity or Neo’s Neo Contract. These smart contracts facilitate processes like the state change while also completing transactions.</p>\n<p>Protocol Layer. This layer calls attention to the public ledger. Specifically, how to create a way for new transactions to be added to it. Additionally, the protocol layer defines ways for new nodes to join an existing blockchain and then sync with it. </p>\n<p>Moreover, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-consensus-mechanism/">consensus algorithms</strong></a> such as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-work-pow/">Proof-of-Work (PoW)</strong></a> are stored within the protocol layer. This algorithm makes it possible for each and every network participant to come to an agreement regarding the type of information and time it is to be added.</p>\n<p>Consensus algorithms have a variety of uses such as making sure that every transaction is legitimate. Also, consensus algorithms like Proof-of-Work (PoW) prevent <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-double-spending/">double-spending by making it so the attackers need control over half of the computing power throughout the network. Thus making it an expensive venture for cybercriminals. </p>\n<p>Let’s have a look at Bitcoin in order to understand this term better. The Proof-of-Work consensus algorithm is used by one of the most popular cryptocurrencies. </p>\n<p><strong>What does Proof-of-Work do?</strong> Its most basic function is to allow anyone who has the necessary computing power to add blocks of transactions to the blockchain. </p>\n<p>The protocol layer outlines the basic requirements for creating and adding new blocks and transactions to the blockchain.</p>\n<p>Additionally, it has a mechanism that enables network participants to reach a consensus in regards to which transactions are legitimate and what orders they should go in.</p>\n<p>Besides, the type of information that can be added to the blockchain is determined by the protocol layer. The key rule is that all network participants must reach a consensus in regards to what information can be added as well as what order it should be added.</p>\n<p>There is a wide range of rules within the protocol layer in regards to:</p>\n<ul>\n<li>Taking a certain value from one address and transferring it to another address;</li>\n<li>Tracking and recording transactions within a public ledger;</li>\n<li>The mining process;</li>\n<li>Creating new blocks;</li>\n<li>Adding new nodes.</li>\n</ul>","level":"medium","meta_title":"What is Protocol Layer? Definition & Meaning | Crypto Wiki","meta_description":"Protocol Layer meaning: Protocol Layer - is a foundational layer within the blockchain network.","meta_keywords":null,"language":"en","created_at":"2022-04-12T13:30:12.000000Z","updated_at":"2022-05-13T14:32:24.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-protocol-layer"},"prevSection":{"id":891,"original_id":null,"author_id":42,"translator_id":null,"title":"What is Proof-of-Immutability (PoIM)?","slug":"what-is-proof-of-immutability-poim","section":"P","keyword":"Proof-of-Immutability (PoIM)","status":"published","definition":"a type of blockchain that stores blockchain metadata in a distant hash vault using a sophisticated hash-based method.","content":"<p><strong>Without needing to disperse data across nodes</strong>, Proof-of-Immutability (PoIM) allows the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchain to store data in a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralization/">decentralized and provably <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-immutable/">immutable manner. It is a form of blockchain that uses a sophisticated <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-hash/">hash-based mechanism to store blockchain metadata in a <strong>remote hash vault</strong>. It was invented by ParallelChain Lab and its first implementation was on ParallelChain Private. Note that PoIM methods have been applied to such patents as <em>US-2021-0297265-A1; US-2021-0218549-A1; EP3848845; CN2021102000629400</em>.</p>\n<p><strong>The data added to the</strong> ledger is not replicated or distributed around network <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-node/">nodes, it rather is a hash pointer with no traceable information. For this reason, a <strong>PoIM-powered blockchain network</strong> preserves the strictest data privacy standards. This method also allows a blockchain to scale and achieve high <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-throughput/">throughput while maintaining its decentralized nature.</p>\n<p>The PoIM system <strong>enables blockchain network users to examine the trustworthiness of one another's data</strong> by proving its immutability at any time, without breaching the data privacy of the inspected party. At first glance, this mechanism for proving immutability might appear redundant, given the fact that <strong>immutability is thought to be inherent in all blockchains</strong>.</p>\n<p>Sure, when compared to centralized database systems, blockchain as a distributed ledger technology does have a higher level of immutability. However, the degree of immutability differs between blockchains, depending on the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-consensus/">consensus mechanism</strong></strong></a> and the size of the membership. A permissioned/private blockchain network, for example, is typically smaller in scale and thus easier to manipulate.</p>\n<p>PoIM provides <strong>a way</strong> for participants to check if the chain has been tampered with or if a record has been changed, without having to visit the database. Besides, as real-world adaption accelerates, an <strong>auditing mechanism for certifying information integrity within the blockchain ledger will become increasingly important</strong>. It will probably be used in advancing the legal recognition of blockchain data and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contracts</strong></a>.</p>\n<p>In addition, PoIM is planned to be used in \"Inter-ParallelChain Communication\" to meet the trust and data privacy criteria for <strong>permissioned</strong> and permissionless networks to interoperate in the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-web-3-0/">Web3 ecosystem.</p>","level":"medium","meta_title":"What is Proof-of-Immutability (PoIM)? Definition & Meaning | Crypto Wiki","meta_description":"Proof-of-Immutability (PoIM) meaning: Proof-of-Immutability (PoIM) - a type of blockchain that stores blockchain metadata in a distant hash vault using a sophisticated hash-based method.","meta_keywords":null,"language":"en","created_at":"2022-04-08T14:17:44.000000Z","updated_at":"2022-05-13T14:32:24.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-proof-of-immutability-poim"},"currentChapter":"P","currentSection":"what-is-proof-of-history-poh","chapterTitle":"P","readingLevel":"hard"},"url":"/crypto/learn/crypto-terms/what-is-proof-of-history-poh","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0"> Crypto Terms: Letter P
What is Proof-of-History (PoH)?
Proof-of-History (PoH) MEANING:
Proof-of-History (PoH) -
a consensus mechanism that incorporates time into the blockchain.
Let's find out Proof-of-History (PoH) meaning, definition in crypto,
what is Proof-of-History (PoH),
and all other detailed facts.
Proof-of-History (PoH) is a consensus mechanism that decreases the load on network nodes while processing blocks by integrating time itself into the blockchain. Nodes contain internal clocks that validate events and time.
In a Proof-of-Work (PoW) scenario, the successful block miner is the first to evaluate the suitable nonce. This nonce takes a received quantity of computer power. Proof-of-History (PoH) is a bit different since it is able to overcome a verifiable delay function (VDF) by running a particular set of chronological steps. Since no parallel processing is allowed, evaluating the time it will take for each step is easy.
PoH employs Bitcoin's SHA-256 algorithm to provide a reliable time-tracking mechanism within the decentralized blockchain. SHA-256 is a variant of SHA-2, a sophisticated encryption method created by the National Security Agency (NSA).
The only blockchain that uses the Proof-of-History algorithm is Solana. Hence, the blockchain can process about 60,00 transactions per second, making it very scalable. It also ensures that evaluating the timing of a transaction is quicker.
The mechanism is based on Proof-of-Stake; however, it does have a varying technique for calculating time. To evaluate the passage of time, historical events are currently being employed. These events are made into a hash, which can only be produced by prior events. It is impossible to counterfeit the hash.
However, Proof-of-History has some drawbacks. For instance, there were several attacks in Solana found in the past that were caused by Proof-of-History. Also, the technique was never tested on a wide scale, so there are no guarantees that it actually operates without any errors.
Proof-of-History (PoH) VS Proof-of-Stake (PoS)
There are a lot of similarities between Proof-of-Stake and Proof-of-History algorithms. This is because Proof-of-Stake was used as a base for creating Proof-of-History.
In both methods, validators are utilized to ensure that transactions are validated, and new blocks are created. Also, both of them are developed on the very same foundation.
Nonetheless, there are major differences between these two algorithms. Proof-of-Stake employs the timestamp function. This indicates that every node depends on the network's timestamp. The network functions in a slower manner because time has to flow via the network first.
Besides, Proof-of-Stake uses the Verifiable Delay Function, which computes the time based on previous events. Following an examination of these occurrences, a hash function is created that can be verified by anyone. This hash is added to each and every block produced by the network.
