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TagsHow does proof of stake work in the world of cryptocurrency?
Nick JojoNov 27, 2021 · 3 years ago1 answersCan you explain how proof of stake (PoS) works in the world of cryptocurrency? What are the main principles behind PoS and how does it differ from proof of work (PoW)? How does PoS ensure security and consensus in a decentralized network?
1 answers
- Proof of stake (PoS) is a consensus mechanism used in the world of cryptocurrency to secure the network and validate transactions. Unlike proof of work (PoW), which requires miners to solve complex mathematical puzzles, PoS selects validators based on the number of coins they hold. Validators are chosen to create new blocks and validate transactions based on their stake in the network. This approach reduces the energy consumption associated with PoW and makes the network more scalable. PoS also allows for faster transaction confirmations compared to PoW. Overall, PoS offers a more efficient and environmentally friendly solution for maintaining consensus in a decentralized network.Nov 27, 2021 · 3 years ago
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