Topic: Proof of Work vs Proof of Stake (Read 128 times)
These days proof of stake is most preferable to proof of work because proof of work like in bitcoin requires a huge resource and cost much to maintain and I believe as time goes on more ways to solve the consensus mechanism will emerge
Thanks for the link. I got to know about the blockchain of a company more clearly.
That's an interesting post. Proof of work is a protocol where it can deter denial of any cyber attack. In proof of stake award is given to the minors who can create each block.
Basically proof of work standard makes the currency minable, due to high equipment cost, rising electricity consumption and prices, increase in the difficulty of mining many countries are discouraging mining business but personally i think it will stay here as there are already huge mining setups ready with millions of dollars invested and i do not think that they will leave it so quickly.
These are mining systems. Actually now many projects are transforming to proof of work to proof of stake. Actually in the previous all used to use proof of stake. Proof work has some problems that will be eliminated in the proof of stake. In the pos system there will not possibility of unwanted messages.
Right now, among the people , a lot of works are being done in proof of stake. This has less hassle compared to proof of work. Proof of stake eliminates the problems of getting messages which are unwanted where as proof of stake has a lot of messages which are usually spams.
Need to focus what you are wants to doing. Blockchain is the backbone of this crypto currency. Because it provides security. If this security fails then people will not showing any interest about this market.
A central idea of blockchain technology is the distributed ledger. It is called a distributed ledger because instead of being stored in a central location, it is stored across a network of computers all around the world. For a distributed ledger to work, the entire network collectively has to agree with the contents of the ledger; this is the job of the consensus mechanism. The most popular blockchain consensus mechanisms are the Proof of Work (PoW) and Proof of Stake (PoS) systems., A number of other systems exist, such as Delegated Proof of Stake (DPoS) and Federated Byzantine Agreement (FBA) however this article will be focussed on presenting and then comparing PoW vs PoS.
more: https://medium.com/@poolofstake/how-to-crypto-part-iii-proof-of-work-and-proof-of-stake-664dd2368ad0
more: https://medium.com/@poolofstake/how-to-crypto-part-iii-proof-of-work-and-proof-of-stake-664dd2368ad0
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