A cryptocurrency is a medium of exchange designed around securely exchanging information which is a process made possible by certain principles of cryptography. The first cryptocurrency to begin trading was Bitcoin in 2009. Since then, numerous cryptocurrencies have been created. Fundamentally, cryptocurrencies are specifications regarding the use of currency which seek to incorporate principles of cryptography to implement a distributed, decentralized and secure information economy.
Proof of work
A proof of work is a piece of data which was difficult (costly, time-consuming) to produce so as to satisfy certain requirements. It must be trivial to check whether data satisfies said requirements. Producing a proof of work can be a random process with low probability, so that a lot of trial and error is required on average before a valid proof of work is generated. Bitcoin uses the Hashcash proof of work.
Proof of Stake
Proof of Stake is a proposed alternative to Proof of Work. Like proof of work, proof of stake provides a mechanism for determining who signs bitcoin transactions.
"PPCoin: Peer-to-Peer Crypto-Currency with Proof-of-Stake". http://barkingshibes.com/wp-content/uploads/2014/02/ppcoin-paper.pdf,
19-08-2012. Sunny King, Scott Nadal.
Proof-of-Stake-Velocity
Proof-of-Stake-Velocity (PoSV) replace the current Proof-of-Work (PoW).
PoSV builds on the strength of Proof-of-Stake (PoS) but introduces crucial features to address the flaws of both PoW and PoS.
PoSV is specifically designed to help Reddcoin grow as the digital social currency.
The full paper is available here: Proof of Stake Velocity: Building the Social Currency of the Digital Age
FAQs, such as PoSV's impact on mining and halving schedule, are covered here: Proof of Stake Velocity: FAQs
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