Proof of Work (poW) vs. Proof of Stake (poS)

Proof of Work (poW) vs. Proof of Stake (poS)

By cryptonerd2021 | Eth/Ethereum | 3 Apr 2021

What is Proof of Work?

Proof of Work is common in most blockchains, it's where people's computers solve a complex math problem.

First computer to solve it gets to add the block to the blockchain.

Whoever adds the block to the blockchain gets to keep the fees and a certain amount of that cryptocurrency.

What is Proof of Stake?

In Proof of Stake, the computer that adds the block is randomly selected and you have to deposit a certain amount of a currency.

The computer that adds the block gets a reward, but if a computer has a malicious block it loses some of its staked eth.

The computers also get rewards for not having malicious blocks.

It gets a small amount of that currency every six minutes.

Pros and Cons of poS (Proof of Stake)

  • Pro: It is more energy efficient than Proof of Work
  • Pro: It lets everyone use it compared to Proof of Work needing expensive equipment
  • Con: Less used than Proof of Work

Pros and Cons of poW (Proof of Work)

  • Con: Uses lot's of energy; pollution
  • Pro: Lot's of other currencies to base on
  • Con: Need expensive equipment to mine

Note: This is based on the Ethereum Proof of Stake Blockchain.


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