Proof of work VS Proof of stake , what is the difference?

Noore Najjar

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Quote from: boakyei on December 14, 2017, 08:14:43 AM

What is the difference between proof of work and proof of stake in cryptocurrency mining.

PoW : Proof of work is a protocol that has the main goal of deterring cyber-attacks such as a distributed denial-of-service attack (DDoS) which has the purpose of exhausting the resources of a computer system by sending multiple fake requests. The Proof of work concept existed even before bitcoin, but Satoshi Nakamoto applied this technique to his/her – we still don’t know who Nakamoto really is – digital currency revolutionizing the way traditional transactions are set.

PoS : Proof of stake is a different way to validate transactions based and achieve the distributed consensus. It is still an algorithm, and the purpose is the same of the proof of work, but the process to reach the goal is quite different.

halker2010

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The harder your life is the more meaning it has.

Quote from: boakyei on December 14, 2017, 08:14:43 AM

What is the difference between proof of work and proof of stake in cryptocurrency mining.

both of them are some kinda of mining but in proof of work you show working with your hardware that mines the block for you in proof of stake you show your work with holding the coin , aging it and generrating new coin.

crairezx20

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I just quoting this

Quote from: xzh16888 on April 18, 2014, 04:42:50 AM

The difference between POW and POS mode:

   POW：
   We are familiar with the working mechanism of bitcoin is POW, namely Proof of work, proof of work mechanism.
Proof of work mechanism (POW) is not difficult to understand, in many cases we are using POW. We just didn't understand it.
Without considering the verification condition. (whether central or non verification center.), We can think of anything with a probability of events accumulated are proof of work, Therefore, POW requires a certain amount of evidence, The proof can be recorded directly can also be based on probabilistic representation, in which the event of small probability cumulative work, The results show that the workload is equivalent to,

POS:

   POS is the "Proof of stake," Direct proof that you hold share.In addition to mixed PPC, The real POS money is no mining process, It is in the block stated ownership certificate, after the shares that can be transferred, not mine. In the real world that is common stock equity, is the most simple. The stock is that used to record the equity, also represents the voting rights and the right to return, In a pure POS system, such as NXT, no mining process,

And hope this can help you about knowing about POW and POS coins..
But mostly people are using Pow coins because they can mine if you have a good specs of hardware..

boakyei

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What is the difference between proof of work and proof of stake in cryptocurrency mining.

Topic: Proof of work VS Proof of stake , what is the difference? (Read 128 times)