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Explained: Proof-of-work vs Proof-of-stake mining and why Ethereum is transitioning to latter
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cnbctv18.comWith a recent upgrade, Ethereum—the blockchain on which coin Ether is based—is moving to the Proof-of-Stake (PoS) mining from Proof-of-Work (PoW) mining. While PoW is the original consensus mechanism, first used by Bitcoin, PoS is a newer concept that was developed to overcome limitations in the scalability of the network.Cryptocurrencies work on decentralised blockchains.
This means there is no central authority overseeing the transaction process. However, they require all computers on the network to agree on the legitimacy of a transaction to ensure that nobody spends the same money twice.
Read more on cnbctv18.comAbout this in other media
Inside the blockchain developer’s mind: Proof-of-stake blockchain consensus cointelegraph.com /2 years ago
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