What is PoD? If you’re curious about crypto PoD abbreviation meaning, then you’ve come to the right place. In this quick guide, we’ll introduce the concept of Proof of Developer. By the time you’re finished reading, you’ll have a solid grasp on PoD meaning. Let’s get started.
There are many acronyms associated with cryptocurrency – in fact, there are so many terms to learn that you might feel like you’re picking up a new language. You guessed it: PoD, which stands for proof of developer, is one of them. But what’s the meaning of PoD, and what does the everyday investor or cryptocurrency user need to know about it?
In a nutshell, proof of developer is a means of verifying that an actual living human software developer was responsible for creating and launching a new form of cryptocurrency. Since hackers are always on the lookout for methods of getting around security processes such a PoD, verification methods and test procedures are kept confidential.
Why Proof of Developer is Important
Funding is an important part of the cryptocurrency launch process. Unfortunately, unscrupulous individuals have collected money in the past and then vanished without ever providing their investors with a viable cryptocurrency.
Proof of developer is a confidential verification process that is aimed at preventing fraud and ensuring trustworthiness while simultaneously protecting developers. Once PoD has been established, investors are able to provide funding with greater confidence and developers are able to continue their work.
Besides protecting investors, Proof of Developer helps propel cryptocurrency creators toward success. A proven coin is more likely to be used for transactions in the real world, and once it has been adopted, it can be listed on cryptocurrency exchanges, where it has the opportunity to become more popular and gain even more traction.