In this section, various theoretical concepts are introduced to the reader that has been developed with the introduction of different altcoins in the past few years.
Theoretical foundations
Alternatives to Proof of Work
The PoW scheme in the context of cryptocurrency was first used in Bitcoin and served as a mechanism to provide assurance that a miner had completed the required amount of work to find a block. This process in return provided decentralization, security, and stability for the blockchain. This is the primary vehicle in Bitcoin for providing decentralized distributed consensus. PoW schemes are required to have a much-desired property called progress freeness, which means that the reward for consuming computational...
