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Introduction to cryptocurrency

Get answers to all the big cryptocurrency questions. Where did they come from? How do they work? 

  • What is a fork in cryptocurrency?

    A fork is a collectively agreed upon software update to a cryptocurrency built on blockchain. In order for a proposed update to any cryptocurrency, such as Bitcoin, to be implemented, there must be consensus among members of the Bitcoin community,…

    1 minute read
  • What is a consensus protocol?

    Consensus protocols are the rules by which a network operates. In the case of a blockchain network, the consensus protocol provides the rules by which a transaction on the network is verified as legitimate or fraudulent. As the nature of…

    1 minute read
  • What is proof of Elapsed Time?

    Proof of Elapsed Time (PoET) is a proof of work consensus protocol designed specifically for businesses. The way it works is by randomly selecting a participating node, allowing those not selected to “rest” their Central Processing Units (CPUs) or getting…

    1 minute read
  • What is a soft fork?

    We all go through the process of downloading and installing updates to our phones or laptops. Cryptocurrency also relies on similar updates and upgrades to improve its efficiency. However, while it may take just a few clicks or taps of…

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  • What is a mining pool?

    The more active miners there are on a blockchain, the harder the mining process is, with fewer rewards given each time a new block is mined. Mining pools were created in order to deal more effectively with the increasing difficulty…

    1 minute read
  • What is proof of stake?

    While the Bitcoin blockchain acts as a virtual cheque book and ledger to process incoming and outgoing transactions, Proof-of-Stake is a type of consensus protocol that relies on a network of ‘validators’ with similar responsibilities to miners: ordering transactions and…

    1 minute read
  • What is a testnet?

    In blockchain technology, a testnet is designed to test different improvements in the blockchain without the risk of causing any problems with the network. It can also act as an environment where dapp developers can test their decentralised applications. With…

    1 minute read