What is Proof of Stake (PoS) in Cryptocurrency?consensus mechanisms. Can someone explain what Proof of Stake (PoS) is and how it differs from Proof of Work (PoW)?
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Question: I’m trying to understand different blockchain
Question: I’m trying to understand different blockchain
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Proof of Stake (PoS) is a type of consensus mechanism used by blockchain networks to achieve distributed consensus. It requires users to hold and stake their cryptocurrency as a means to validate transactions and create new blocks, in contrast to Proof of Work (PoW), which requires solving complex mathematical problems with high computational power. PoS is considered more energy-efficient and environmentally friendly than PoW. Additionally, it can provide stakers with rewards proportional to their holdings and stake duration. For a detailed breakdown of how PoS works and its benefits over PoW, check out this article: https://paybis.com/blog/glossary/what-is-pos/ It provides comprehensive insights into the workings of PoS systems.