What Is Proof of Capacity (PoC) for Cryptocurrencies? Proof of capacity (PoC) is a consensus mechanism algorithm used in blockchains that allows for mining devices in the network to use their available hard drive space to decide mining rights and validate transactions. This is in contrast to using the mining device’s computational power (as in
What Is Proof of Charitable Contributions? Proof of charitable contributions refers to the substantiation required by the Internal Revenue Service (IRS) for a taxpayer to claim a donation of money, property, or financial assets as an itemized deduction on their federal tax return. Proof can be provided in the form of an official receipt or
What Are Proof of Funds (POF)? Proof of funds (POF) refers to a document or documents that demonstrate a person or entity has the ability and funds available for a specific transaction. Proof of funds usually comes in the form of a bank, security, or custody statement. The purpose of the proof of funds document is
What Is Proof-of-Stake (PoS)? Proof-of-stake is a cryptocurrency consensus mechanism for processing transactions and creating new blocks in a blockchain. A consensus mechanism is a method for validating entries into a distributed database and keeping the database secure. In the case of cryptocurrency, the database is called a blockchain—so the consensus mechanism secures the blockchain.
What Is a Producer Surplus? Producer surplus is the difference between how much a person would be willing to accept for a given quantity of a good versus how much they can receive by selling the good at the market price. The difference or surplus amount is the benefit the producer receives for selling the
What Is Product Differentiation? Product differentiation is the key aspect or aspects that distinguish a company’s products or services from the competition. Successful product differentiation leads to brand loyalty and an increase in sales. A product differentiation strategy involves identifying and communicating the unique qualities of a product or company while highlighting the distinct differences
What Is a Product Recall? A product recall is the process of retrieving defective and/or potentially unsafe goods from consumers while providing those consumers with compensation. Recalls often occur as a result of safety concerns over a manufacturing defect in a product that may harm its user. A product recall may be voluntary or mandated by
What Is Production Efficiency? Production efficiency is an economic term describing a level at which an economy or entity can no longer produce additional amounts of a good without lowering the production level of another product. This happens when production is reportedly occurring along a production possibility frontier (PPF). Production efficiency may also be referred to
Textbooks Computers 18 11 24 10 30 9 36 8 42 7 48 6 54 5 60 4 66 3 72 2 78 1 84 0 When this is plotted, the area below the curve represents computers and textbooks that are not being used, and the area above the curve represents donations that cannot happen
What Is Productivity? Productivity, in economics, measures output per unit of input, such as labor, capital, or any other resource. It is often calculated for the economy as a ratio of gross domestic product (GDP) to hours worked. Labor productivity may be further broken down by sector to examine trends in labor growth, wage levels
