Part 1: What Is Proof-of-Stake (PoS)?
Updated: Aug 11, 2022
In crypto, proof of stake (PoS) is a consensus mechanism to process transactions and develop new blocks for the blockchain. A consensus mechanism is a tool to verify or validate each recorded transaction in a distributed database, ensuring all records are secure and authentic.
Think of a proof of stake as a way to double-check each transaction, and this tool is critical because it makes the blockchain transparent and secure. It provides a high-level sense of trust amongst all users because everyone knows that no one can tamper with the information and change records to suit their needs, potentially screwing over other people.
Some Brief Key Pointers
PoS allows users to authenticate their transactions on the blockchain based on the number of coins this tool counts and validates
PoS is an alternative to PoW (the original consensus tool used on the blockchain, which will be in part 2)
PoW requires miners to solve cryptographic puzzles; PoS only needs users to hold and take tokens.
PoS is less risky than PoW and mitigates the chances of network attacks, ensuring all tokens are securities.
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