Part 2: What Is Proof-of-Stake (PoS)?
When it comes to the inner workings and mechanical side of proof-of-stake, it functions by decreasing the amount of work needed to be done by the computers to verify blocks and transactions. This process results in keeping the blockchain and the cryptocurrency completely secure.
In simplified terms, participants, often called "validators," will lock up specific amounts of crypto in a smart contract, known as their stake on the blockchain. The reward these validators get is once they've reviewed a new transaction, they can receive some crypto in return.
Hungry for more? Join me each week, where I'll break down complex topics and dissect the latest news within the cybersecurity industry and blockchain ecosystem, simplifying the world of tech.