COMMONLY USED CRYPTO ACRONYMS AND MEANING (Day 2)

...Cont'd.

#EVM = Ethereum Virtual Machine.

This is a Turing-complete virtual machine that enables execution of code exactly as intended.

#PoW = Proof of Work.

It is a consensus mechanism used for verifying transactions on Blockchain networks.

#PoS = Proof of Stake.

It is a consensus algorithm where users must stake their crypto assets to become validators for verifying transactions on blockchain networks. Upon successful verification of transactions and addition of blocks to the ledgers, validators could receive rewards.

#PoA = Proof of Authority.

Here, a specific centralized authority assumes control over the selection of validators. The centralized authority chooses validators for verifying transactions on the basis of their credible track record on the network.