A pre-mine is when the development team deliberately mines the coins in a private network before releasing it to the public, so taking advantage of the low difficulty. They run the mining algorithm for a while in an environment where they control how much hashing power goes in which means that since there is no other miners joining, the difficulty remains stable and low and
mining can proceed at a very rapid pace many many coins can be mined in advance and then when it becomes public usually the difficulty Rises quickly but in the meantime the development team or whoever's being doing the premine already controls a significant part of the coins.
An instant mine is when either the algorithm is tweaked or the software is run in such a way as to make the difficulty zero and mine a lot of coins either in the Genesis block itself or in the very first few blocks and essentially spend no time mining at all just immediately pre-mine a big chunk of coins.
This clip is a excerpt from "MOOC 7, 6th Live session with Andreas Antonopoulos (Alternative Uses of the Blockchain)" streamed live and published under a standard YouTube license on 22 Mar 2017 by the MSc in Digital Currency - University of Nicosia YouTube channel https://www.youtube.com/user/MScDigitalCurrency
For more information and how to register for the Free MOOC or the MSc in Digital Currency visit https://digitalcurrency.unic.ac.cy/
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@btc-central nice piece of information. Especially coming from the man.
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Thanks @mdominicorobin
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You are very welcome.
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