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Monday, September 11, 2017

Why Proof of Stake Is Power of Saving

Why Proof of Stake Is Power of Saving

In a proof of work (PoW) system, a reward is given for undertaking complex computational work involving solving problems. This exercise is termed mining and people who undertake this work are called miners. Miners compete with each other to find solutions to problems and are rewarded whenever they are able to do so first.

In theory, this is a wonderful principle but it requires complex hardware and a lot of electricity to run this hardware.

On the other hand in a proof of stake (PoS) system, the creator of each block is determined by the wealth it holds, there are no rewards involved, so the miners get the transaction fee.

The cost-effectiveness of PoS is immense compared with PoW.

Full story at

Source: CoinTelegraph

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