▫️PoW vs PoS

PoW vs PoS

The first decentralized algorithm successfully implemented on the blockchain and is still used in Bitcoin, Ethereum (Ethereum plans to switch to proof of stake), Litecoin, ZCash, Monero is Proof of Work (PoW). The algorithm requires complex calculations, the result of which can be easily verified by each network participant.

Proof-of-Stake (PoS) will make the consensus mechanism completely virtual. While the overall process remains the same as in Proof-of-Work (PoW), the method for achieving the end goal is completely different. In PoS, instead of miners, there are validators. The validators block some of your coins or tokens as a bet on the network.