Difference between of Proof of Work (POW) and Proof of Stake (POS)
Proof of Stake and Proof of Work are two of the most important terms in the blockchain world, but many people have no idea what they even are, let alone how they work.
Understanding them is a core part of understanding how "block transactions" are handled at anything beyond a surface level.
Whether you have major ties to a blockchain system or just want to know more about how they work, understanding the differences between proof of work and proof of stake is vital if you want to get your head around blockchain networks as a whole.
Here is a simple definition of Proof of Work blockchain by coinpass.
About Consensus Mechanisms
Both the proof of work and proof of stake are consensus mechanisms, systems that blockchain and crypto networks use to validate transactions.
This system is meant to ensure that there can be no third-party tampering with the system - even if one person manages to cheat the system, the consensus mechanism will kick in and realize that the numbers do not match up.
These two mechanisms have been around for a while but have only gotten more and more noteworthy as crypto has gradually become the most popular use of blockchains. Through proof of stake and proof of work, blockchains can ensure that only legitimate transactions go through.
However, the difference between proof of work and proof of stake is important. They confirm transactions in different ways and can alter how that blockchain handles digital coins, making it important for users of any cryptocurrency network to know what they are getting into. (read more: https://coinpass.com/en/blog/academy/difference-of-proof-of-work-and-proof-of-stake)…
Check out our latest articles at coinpass Blog. https://www.coinpass.com/en/blog
Visit our official social media accounts:
Facebook
Instagram
LinkedIn
Twitter
Start your crypto journey here. https://www.coinpass.com/
Get your crypto rewards here. https://coinpass.com/en/promo/rewards