•5 years
What is proof-of-stake?
Many times, while reading various blogs or forums, I heard the following wording: proof-of-stake. Could someone explain to me what exactly does this mean ??
Many times, while reading various blogs or forums, I heard the following wording: proof-of-stake. Could someone explain to me what exactly does this mean ??
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Proof-of-Stake (PoS) is a consensus mechanism that is used to verify transactions and create new blocks in a blockchain. Unlike proof-of-work, where computational power is used to solve complex mathematical problems, in proof-of-stake, decisions regarding block creation are based on the amount of cryptocurrency held by participants. In short, the more cryptocurrency you own, the greater your chances of being chosen to create a new block and receive a reward. PoS has many advantages, including lower energy consumption compared to PoW and greater resistance to 51% attacks.
Proof-of-Stake (PoS) is a consensus mechanism that is used to verify transactions and create new blocks in a blockchain. Unlike proof-of-work, where computational power is used to solve complex mathematical problems, in proof-of-stake, decisions regarding block creation are based on the amount of cryptocurrency held by participants. In short, the more cryptocurrency you own, the greater your chances of being chosen to create a new block and receive a reward. PoS has many advantages, including lower energy consumption compared to PoW and greater resistance to 51% attacks.
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