Proof Of Stake | Bitcointalksearch.org

bitsnack

copper member

Activity: 60

Merit: 11

In Cryptocurrency there are different types of proofs, what I am guessing you are familiar with is proof of work, which uses electricity consumption to answer mathmatical equations in hope of having the right answer to get the block.

Proof of stake is much more eco friendly, as it does not require you to buy expensive mining gear. In proof of stake, you "lock" up your coins, and your coins will validate transactions based on how many coins you hold, and you will be rewarded. The more coins, the more reward.

The coin is in a way kind of like the mining power for mining proof of work coins, the more coins, the more mining power.

Hope this helped! Grin

Gloryobinna

jr. member

Activity: 64

Merit: 1

Staker.network - POS Smart Contract ETH Token

Completing an assignment or a task at a given period of time.. Thereby earning the reward at the end of the time.. Hope you understand?

Deepa18dec

newbie

Activity: 63

Merit: 0

In Proof of work, you'll need good equipment and more electricity consumption to mine a coin where as in proof of stake, you just have to hold the coins in certain wallet and then according to the rules set by the developers, you'll get the reward. For example if there is a coin which becomes mature in 24 hours (Example: PRiVCY), then after 24 hours of having that coin in your wallet, you are eligible to receive the stake rewards. More coins you have in your wallet, more chances of you getting more rewards of stake. All you have to do is keep your wallet open and online. Simple as that.

Heidim

jr. member

Activity: 266

Merit: 1

All of the above (nothing to do with bounty campaigns Wink

), but I see it like earning interest on the amount you are holding in your wallet. Great way to earn more coins without the expensive mining rigs and electricity consumption.

butka

full member

Activity: 434

Merit: 246

Quote from: Zulfiyan on August 17, 2018, 07:16:56 AM

Stake will be proff if your work with following the rules, If no, You can't get stake. Carefully for work, So you will get stake like you want. I says stake for Bounty Campaign.

Quote from: cokroalif on August 17, 2018, 01:08:00 PM

stake is obtained when you complete a weekly assignment with the rules made by the manager bounty, according to the rank and division of the stake in the bounty campaign

You have both totally missed the point of the OP. This thread has nothing to do with bounty campaigns.

Please don't spam this thread with useless comments.

cokroalif

member

Activity: 434

Merit: 10

stake is obtained when you complete a weekly assignment with the rules made by the manager bounty, according to the rank and division of the stake in the bounty campaign

butka

full member

Activity: 434

Merit: 246

In Proof of Work consensus protocols, the validators (miners) have to solve a mathematical puzzle in order to add new blocks in the blockchain. In Proof of Stake protocols, validators have to stake coins to be given the the right to propose and vote on the new blocks.

I would like to refer you to Ethereum's FAQ about Proof of Stake:

https://github.com/ethereum/wiki/wiki/Proof-of-Stake-FAQs

They have nicely described some of the aspects of the PoS consensus, which they are announcing to implement in near future.

I still have no idea how they will solve the "nothing at stake problem" (point 4) should forks occur.

Insufficient

member

Activity: 231

Merit: 19

Quote from: nedian on August 17, 2018, 04:01:50 AM

Can someone explain to me how proof of stake works in detail?

Proof of stake is the best alternative to proof of work, instead of having miners prove each and every transaction is legitimate, proof of stake requires that a person stake (hold or lockup) coins and validate ownership.
More info just visit : https://bitcointalksearch.org/topic/proof-of-stake-instead-of-proof-of-work-27787

Zulfiyan

member

Activity: 360

Merit: 10

Stake will be proff if your work with following the rules, If no, You can't get stake. Carefully for work, So you will get stake like you want. I says stake for Bounty Campaign.

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

In summary, you'd have to lock or "stake" up a certain amount of coins to be a validator. The advantage of this is that a certain validator can lose access to their staked coins if they do something shady.

Probably a bad explanation so I apologize; I suggest reading this instead if you want to go more in-depth: https://www.investopedia.com/terms/p/proof-stake-pos.asp

nedian

newbie

Activity: 29

Merit: 0

Can someone explain to me how proof of stake works in detail?

Topic: Proof Of Stake (Read 222 times)