What is the difference between Proof of Work & Proof of Stake?

economictimes.indiatimes.com:

Crypto investors must have heard about Proof of Work (PoW) and Proof of Stake (PoS), the two different mechanisms to validate crypto transactions. They are an essential component of blockchain technology and security. All decentralized blockchains like Bitcoin or Ethereum require computers to 'prove' their presence on the network to validate transactions. PoW and PoS are the most prominent ones among them. Both are known as consensus mechanisms — the standardized and trusted way of how the blockchain’s nodes. Despite being different, both mechanisms ensure honest transactions and reduce fraud.

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The significant differences between Proof of Work and Proof of Stake are transaction fees, speed and efficiency. PoS outpaces PoW in all these aspects, said Edul Patel, CEO and Co-founder of Mudrex. «PoW uses a competitive validation method to confirm transactions. PoS uses randomly selected miners to confirm and add new blocks to the blockchain,» he added. In PoW, crypto transactions are verified through mining. In this, an individual does cryptographic transactions to verify a particular connection, which is basically mining, that one sees in crypto. The mining process in Proof of Work consensus is energy extensive as it requires a lot of electricity and other resources to verify transactions, create new tokens, and add new blocks to the network, said Amit Nayak, CEO and Co-Founder, Sahicoin. «The Proof of Stake mechanism achieves the same with fewer resources and less complexity. Unlike PoW, participants stake a certain amount of crypto and are