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RE: Ethereum vs Bitcoin for Dummies (big dummies)
What's the difference between Proof of Work and Proof of Stake? I'm excited for the future of Ethereum, most of the crypto I hold is Ether. Nice post man!
Thanks! To answer your questions...it's much easier to understand PoW vs PoS by watching YouTube videos. There's a couple good ones out there if you just search it up. Basically, Proof of Work requires miners to solve math problems (i.e. process transactions), then get rewarded. Proof of Stake is like saying, "I'll validate the transactions, and just trust me...and here's some ETH to prove I won't scam you". No mining involved in PoS.
Ahh I see, thank you for answering my question! What implications does this have for the future of Ethereum?