consensus mechanisms</strong></a> employed in the blockchain. PoW allows adding new blocks to the blockchain and verifying transactions once a complex mathematical puzzle has been solved.</p>\n<p>The network can approve a block only when a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-miner/">miner successfully completes PoW behind each block that they mined. Then <strong>the miner receives a reward for solving the PoW puzzle.</strong></p>\n<p>For example, when it comes to PoW in <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin, miners must also generate a hash that matches Bitcoin’s current target which usually has more zeroes in the front. 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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 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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":636,"original_id":null,"author_id":43,"translator_id":null,"title":"What is Public Sale?","slug":"what-is-public-sale","section":"P","keyword":"Public Sale","status":"published","definition":"is when a large discount is announced for a new coin or token that hasn’t been traded on the cryptocurrency exchange. It’s considered to be the last phase of an initial coin offering (ICO).","content":"<p><strong>A Public Sale</strong>, also referred to as a crowd sale, is a term used in the crypto sector which refers to the process of introducing a new coin or token to the public prior to listing it on a cryptocurrency exchange. It’s the last phase of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-initial-coin-offering-ico/">initial coin offering (ICO)</strong></a> which is a popular method of raising funds for crypto projects where the blockchain companies sell coins or tokens, sometimes at lower prices, and use the crowdfunded capital to launch the project. </p>\n<p>ICOs are becoming increasingly popular within the crypto sector and can be considered the next-generation method of fundraising. </p>\n<p>In order to fully understand what a public sale is, let’s take a look at how an initial coin offering progresses. </p>\n<p>Before delving deeper, it’s important to keep in mind that the majority of ICO sales have been happening on the Ethereum blockchain that’s based on a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-peer-to-peer-p2p/">P2P standard. This platform makes use of smart contracts to collect ETH and give out the project’s new coin or token. </p>\n<p>An ICO starts with a private sale. In order to participate in it, you have to be chosen by the project’s management. The criteria can vary from project to project, but, in general, the participants must align with the project’s vision and goals. Remember that a private sale is when you’ll be able to get the best price for the new cryptocurrency. </p>\n<p>The next step is the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-pre-sale/">pre-sale. It’s a sort of middle-ground since the buyers will be able to get a better price for the cryptocurrency than the public sale without the private sale’s risks. It’s especially successful when the management is trying to raise funds for the project’s marketing efforts before officially launching it. </p>\n<p>Last but not least is the public sale. It’s often considered to be the most important stage. Therefore, the funds from the previous steps are usually used to initiate marketing campaigns in order to attract a large number of investors. <strong>Some of the benefits of a public sale are higher liquidity due to a smaller trading time window and lower volatility that could possibly influence the price of the cryptocurrency</strong>. Also, it’s easier to predict the outcome based on the two previous sales.</p>\n<p>The private sale and the pre-sale come out on top in regards to higher discounts as well as further and larger bonus rewards. While there are the least amount of risks attached to the public sale, the number of discounts and bonuses is also the smallest. </p>\n<p>There are a few downsides to partaking only in the public sale including a lower maximum cap per investor or a token dump. Additionally, <strong>the crowd sale could be canceled if all of the coins or tokens are sold</strong>. </p>\n<p>If you’d like to acquire a new coin or token by participating in one of these phases, follow these steps:</p>\n<ul>\n<li>Simply trade your fiat currency into a cryptocurrency of your choice (Bitcoin or Ethereum are generally a good option);</li>\n<li>Send the cryptocurrency to your blockchain wallet;</li>\n<li>Partake in either ICO’s pre-sale or public sale. </li>\n</ul>\n<p>After following these simple steps, the new cryptocurrency should be in your hands.</p>\n<p>Please keep in mind that, in this case, the private sale is not included as the participants are determined by the project’s management.</p>","level":"hard","meta_title":"What is Public Sale? Definition & Meaning | Crypto Wiki","meta_description":"Public Sale meaning: Public Sale - is when a large discount is announced for a new coin or token that hasn’t been traded on the cryptocurrency exchange. It’s considered to be the last phase of an initial coin offering (ICO).","meta_keywords":null,"language":"en","created_at":"2022-03-25T15:59:52.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-public-sale"},"prevSection":{"id":634,"original_id":null,"author_id":43,"translator_id":null,"title":"What is Proof-of-Replication (PoRep)?","slug":"what-is-proof-of-replication-porep","section":"P","keyword":"Proof-of-Replication (PoRep)","status":"published","definition":"is a type of proof a storage miner has to provide to show the network that they have a replica of information or data.","content":"<p><strong>Proof-of-Replication (PoRep)</strong> refers to <strong>the process of providing proofs to the network where the storage miner demonstrates their unique copy of a piece of information</strong>. This term is commonly used in Filecoin which is a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralization/">decentralized and blockchain-based data storage platform. </p>\n<p>Network participants become storage miners so they could reap the rewards for providing extra storage space. In order to confirm that everything is proceeding according to the rules, proof-of-replication was introduced. PoRep allows the storage miner to prove that the space is utilized to store copies of data and that nothing else is stored in said storage space. With this system in place, PoReps are utilized in <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-spacetime-post/">proof-of-space (PoS)</strong></a> systems, and the above-mentioned data can be easily recovered. </p>\n<p>PoReps ensure that the data won’t be lost in case of issues with <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-node/">nodes thus ensuring resilience. However, proof-of-replication has received some critiques based on its excessive <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-bandwidth/">bandwidth usage since each time a new node is added to the redundancy pool, a copy of the data has to be transmitted.</p>","level":"easy","meta_title":"What is Proof-of-Replication (PoRep)? Definition & Meaning | Crypto Wiki","meta_description":"Proof-of-Replication (PoRep) meaning: Proof-of-Replication (PoRep) - is a type of proof a storage miner has to provide to show the network that they have a replica of information or data.","meta_keywords":null,"language":"en","created_at":"2022-03-25T15:56:04.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-proof-of-replication-porep"},"currentChapter":"P","currentSection":"what-is-proof-of-work-pow","chapterTitle":"P","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-proof-of-work-pow","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0"> Crypto Terms: Letter P
What is Proof-of-Work (PoW)?
Proof-of-Work (PoW) MEANING:
Proof-of-Work (PoW) -
a consensus mechanism where miners must solve extensive mathematical puzzles in order to verify transactions and add new blocks.
Let's find out Proof-of-Work (PoW) meaning, definition in crypto,
what is Proof-of-Work (PoW),
and all other detailed facts.
Proof-of-Work (PoW) is one of the consensus mechanisms employed in the blockchain. PoW allows adding new blocks to the blockchain and verifying transactions once a complex mathematical puzzle has been solved.
The network can approve a block only when a miner successfully completes PoW behind each block that they mined. Then the miner receives a reward for solving the PoW puzzle.
For example, when it comes to PoW in Bitcoin, miners must also generate a hash that matches Bitcoin’s current target which usually has more zeroes in the front. The probability of creating such a hash is low, but the miner that is able to do it first receives BTC.
Additionally, PoW makes sure a single transaction doesn’t use the same coin or token, thus avoiding double-spending.
Besides that, PoW adds a layer of security to the blockchain since meddling with any single block immediately requires changes to be made within other blocks.
It’s important to remember that cryptocurrencies are decentralized, unlike fiat currencies that are confined by regulations. In the crypto sphere, PoW helps blockchains to remain decentralized by removing the involvement of third parties like the government.
