Different types of Consensus Mechanisms-Steemit Crypto Academy Season 5 - Homework Post for Task 6

The decentralize nature of blockchain technology makes it impossible for transactions to take place without verification by the system. Unlike centralize system, blockchains operate with a decentralize system where there is some form of unanimity of verification on every transactions. They mode of verifications depends on the type of consensus mechanisms or protocols adopted by the blockchain. As stated earlier, this help secure and verify transactions since the blockchain operates on a decentralize system.

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DIFFERECE BETWEEN PoW AND PoS
PoW- is an abbreviation of Proof of Work and as the name denotes, it suggest that work-done must be proofed or shown and requires miners to solve complex mathematics puzzle when ever a transaction is initiated in other to validate such transaction. Again the selection of miners are done randomly on PoW however they system consume a lot of energy and time since validators compete among themselves to solve puzzles thus consuming more electric energy and fuel.. On the contrary, PoS is an abbreviation of Proof of Stake which allows validators to be chosen based on their stake. This means that the higher your stake, the higher your chances are to be selected as a validator. The PoS system does not allow for market distortion since certain percentage of coins is always locked. Unlike PoW, PoS is efficient in-terms of energy and profitability however, it is centralize as compared to PoW.

Advantages of Proof of Work (PoW)

• It is fair in the sense that the best miner who solves the puzzle first is given the nod to validate transactions. It also ensures that the right miners are selected and rewarded.
• It is secured because it is verify be series of computers before transaction is confirm. This makes it less susceptible to hackers.
• It is decentralize and democratic i the sense that a lot of people are involve and compete among another to be validated.
• Requires less coins to engaged thus, cost effective. Unlike that PoS that requires huge amount to start or be selected as a validator.

Disadvantages of Proof of Work (PoW)

• Require a lot of energy and computational efforts to be selected as a validator. For you to be selected, you must be mathematical and technologically savvy and requires certain competence.
• It limits scaling capacity.
• It is time consuming.

Advantages of Proof of Stake (PoS)

• It is energy efficient and less time consuming.
• It has scalable capacity
• Stakeholders earn more on their stakes
• It helps the market to be stable since some quota of always remain locked.

Disadvantages of Proof of Stake (PoS)

• It is more centralized as compared to PoW
• It is less safe since verification is done on stake basis
• Require huge amount of stake(coins) to be selected to validate.
• Rich people can take undue advantage of the system.

Which one is better in scaling Capacity

PoS has better scaling capacity since prospective validators comes on-board with a pool of resource which is also less time consuming as well. This helps the block chain to be self-sustaining since it has the potential of given investors huge profits based on their stake. Example,DASH, Etherum, NEO, TEZOS, etc. are all going to scale-up using PoS.
thanks to @sapwood for the lessons.