The Steemit Crypto Academy Season 3 Beginners' course Task 4 :- Homework Post For @sapwood

Hello friends, I am happy to share with you all my beginner course homework task 2 which was lectured by @sapwood of cryptoacademy.

What is the difference between PoW and PoS? Advantages and Disadvantages? Which one is better in scaling capacity? Examples

Source

What is poW ?

The evidence-of-paintings protocol works inside the experience that miners can mine and get rewards from a block thru solving cryptographic puzzles. when the solving is ratified, it's miles then recorded on the ledger and brought to the Blockchain. evidence-of-paintings is executed so as for nodes at the Blockchain to record honest transactions and to save you hackers or malicious nodes from gaining from the pool.

What is poS ?

Proof of stake (PoS) is a consensus mechanism in the block chain machine that was developed by means of Daniel Larimer in 2014. PoS is a Democratic machine where stakeholders vote for some delegates in an effort to preserve the network on their behalf. As PoS is like a greater superior form of pos, it vies with other evidence of stake and proof of work protocols as a manner for transaction verification and blockchain corporations. poS is used by the steem blockchain.

What is the difference between PoW and PoS

Pow

•Consume alot of energy with alot of cost

•To add a block to the Blockchain, miners have to compete to solve a mathematical equation

•It is not energy efficient

PoS

•consume less energy and is costless

•There is no competition because a block creator is chosen based on the user's stake

•it is energy efficient

•The validator receives the network fee in PoS.

Advantages of Pow

•It is costly and this makes it hard for attackers to easily gain rewards.

•Proof of work rewards miners a share from the dealings fee and block reward.

•Users are compensated for their work.

Disadvantages of PoW

•PoW is a centralized system and for that matter it is exposed to external attacks.

•There's energy consumption in PoW because of lots of computing efforts.

•It has high impart on the environment.

Advantages OF PoS

•The proof of stake system is a smaller amount energy intense

•users earn reward for simply staking and holding a coin, in other words they earn reward by contributing to the network

•it has a better scaling capacity(it can accommodate a high number of occurrence)

Disadvantages of pos

•It does not favour those that possess smaller stake in the Blockchain.

•it is operate on a centralized system meaning the requirement of a third party is involved

•user with lower stake have no voice in the network.

Why is POS better in scaling capacity?

The evidence of stake gadget is strong in quantifiability. this is as a result of validators are largely selected at random for every round, anyplace they both agree so long as the block can come to be a touch of the chain. Inters of scaling, the evidence of stake is great due to, the hackers largely faces problems in their attack, inside the since that a 51% assault, the hacker is absolutely entitled to induce fifty one% of the cryptocurrency, that is not useful to them. in addition, the evidence of stake gadget has been nicely-attempted to be realistic for the atmosphere in comparison to the evidence of work gadget, thereby creating it, a hint scalable.

Conclusion

Proof of work is a consensus wherein miners ought to work to get rewarded from the pool via the fixing of complicated mathematical puzzles at the same time as proof of Stake is the consensus wherein miners get rewarded provided they own an excellent quantity of stake. evidence-of-Stake can be said to be higher and extra superb as compared to proof-of-paintings thinking about the fact that it takes less power and relieves the strain on the planet. a completely thrilling topic indeed and i would love to examine extra.