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Crypto Speak: PoS We've talked about Proof of Work (PoW) before, now let's discuss Proof of Stake (PoS). Proof of Stake (PoS) is a consensus mechanism used in blockchain networks to validate and confirm transactions. In a PoS system, validators are chosen to create new blocks and secure the network based on the number of coins they hold and are willing to "stake" as collateral. Validators take turns proposing and validating new blocks, with the chance of being chosen to create a new block being proportional to the amount of cryptocurrency they hold and are willing to stake. $SOL PoS is considered more energy-efficient than Proof of Work (PoW) and is used by blockchain networks such as Ethereum 2.0, Cardano, and Tezos.$BTC
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Crypto Speak: POW Proof of Work (PoW) is a consensus mechanism used in blockchain networks to validate and confirm transactions. In a PoW system, miners compete to solve complex mathematical puzzles, with the first miner to find the solution being rewarded with newly minted cryptocurrency and transaction fees. This process requires significant computational power, making it costly and time-consuming. However, it ensures network security and prevents double-spending. Bitcoin, the first cryptocurrency, uses PoW as its consensus mechanism.
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El Salvador mines 474 Bitcoin using Geothermal Volcanic Energy!#bitcoinhalving El Salvador has recently made headlines by mining 474 Bitcoin, valued at $29 million, using geothermal energy from the Tecapa volcano. This brings their total Bitcoin holdings to 5,750 BTC, worth approximately $354 million. Since 2021, the country has allocated 1.5 megawatts (MW) of its 102 MW geothermal power production to cryptocurrency mining. El Salvador's commitment to renewable energy mining stands as a significant step amidst global concerns about Bitcoin's environmental impact. President Nayib Bukele's support for Bitcoin has remained unwavering, even in the face of criticism. Despite this, he secured a resounding victory in the 2024 presidential election. Meanwhile, debates surrounding Bitcoin's environmental impact persist, with calls for a shift from proof-of-work to proof-of-stake mining algorithms. $BTC
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What are CBDC? Money has always evolved, from shells to beads, and now to digital currencies. But governments aren't ready to let go of their control just yet. Enter Central Bank Digital Currencies (CBDCs), a new breed of digital money that's permissioned, not permissionless like crypto. Governments are embracing CBDCs to retain their authority over money creation and control. CBDCs offer benefits like efficient social benefit distribution, tax avoidance, and crime prevention. But, they also come with a cost - surveillance. With CBDCs, governments can track every transaction, and force citizens to use them. It's a 360-degree view of your spending habits, and a potential threat to financial privacy. Crypto, on the other hand, is permission less, decentralized, and transparent. It's a beacon of hope for those who value financial freedom. Will CBDCs suffocate crypto, or will crypto evolve and thrive?
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Crypto Speak: Peer-to-Peer (P2P) Networks Imagine a network where individuals connect directly, without a middleman to share resources and communicate freely. Welcome to the world of Peer-to-Peer (P2P) networks! In a P2P network, each device acts as both a client and server, allowing users to share files, bandwidth, or processing power directly with each other. This decentralized architecture eliminates the need for a central server, giving users more control and autonomy. For example, Bitcoin operates on a P2P network, enabling users to transfer value directly without relying on a central authority.Similarly, file-sharing platforms like BitTorrent use P2P technology to facilitate fast and efficient sharing of large files. By cutting out intermediaries, P2P networks promote freedom, security, and community-driven innovation.
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