@rkj123
9 months ago

What's the difference between Proof of Work and Proof of Stake in blockchains?

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Proof of work was adopted by Satoshi Nakamoto’s Bitcoin White paper, it proposes the use of a Proof of Work system to prevent an entity from gaining majority control over the network. This Proof of Work works well in the Bitcoin blockchain for it allows a trustless and distributed consensus. To explain further, a group of transactions is packed into a memory pool. Miners verify each transaction in the pool as legal by deciphering a math puzzle. The first miner to solve the math puzzle is rewarded with a new Bitcoin. The verified memory pool, now called a block, is attached to the blockchain. The puzzle has critical features that define the Proof of Work. A miner can improve his odds of solving the puzzle by acquiring more computational power.
To start, attackers don’t always need to purchase new mining equipment. There are also services which allow a user to rent hashing power. Even with the ability to rent hashing power, it is simply not enough to perform a 51% attack even for an hour and be worth the cost involved. Furthermore, one hour is not enough time to mine enough blocks for the attack to be profitable. An attack such as this will have to last for a lot longer. This does not mean that an attacker simply can’t continue an attack for an extended period of time, but at some point, the developers of the currency will address the attack or the price of the currency will drop so low that sustaining longer attacks on the network no longer remains profitable while,
Proof of Stake system validate transactions and achieve consensus without solving maths puzzle. The maker of a new block is chosen in a deterministic way based on the maker’s stake. The stake is the number of digital coins. If one person were to stake five coins and another person staked 100 coins, the person staking 100 coins would be 20 times more likely to be chosen as the next new block validator.
In the Proof of Work system, a miner owns no coins and he is rewarded with a new coin. In a Proof of Stake system, a validator must own and support the existing coins he is verifying. These coins are created in the beginning and the validator is rewarded after each validation.
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Proof of Work is when you have a lot of people in a pool mining (basically mean's you're guessing the answer to really hard math problems) and whoever guesses it right is rewarded however much crypto is in that black and it uses a lot of electricity to do so.

Proof of Stake just is when you keep your crypto locked up in your wallet and you do not move it and after a certain amount of time you are staking it and you get rewards based on your weight (however much the amount of the coin you hold in your wallet) and it uses a lot less energy.
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PoW and PoS both are types of work done for generating new coins according to specifications.

In simple words PoW (Proof of Work) is work done at network level to generate new coins and confirm transactions broadcasted on network. But requires more power in terms of energy to verify transaction and store it in block. In PoW many factors can impact, such as difficulty, rewards for block, time taken by block to solve, total hashpower etc.

But in PoS (Proof of State) it requires stakes within your own wallet enabled for staking. Wallet may be any type, but in staking state wallet must be active and running. While stake your coins within wallet,you get rewarded for your stakes in addition coins.

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Don't ask such question which need big reply
Proof of Work (PoW) as the name states is the validation of the work that happened and proving it is correct. 
Proof of Stake (PoS) is an alternate way of verifying and validating the transaction or block. This will pick the Validator (Equivalent of “miner” in the PoW) by the amount of stake(coins) a validator has and the respective age of the stake
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Proof of Work (PoW) as the name states is the validation of the work that happened and proving it is correct. Bitcoin and many alt coins follow this way of consensus to make sure the authenticity of the chain is good.
Proof of Stake (PoS) is an alternate way of verifying and validating the transaction or block. This will pick the Validator (Equivalent of “miner” in the PoW) by the amount of stake(coins) a validator has and the respective age of the stake.
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Possible future switch from PoW to PoS may provide a safer network as attacks become more expensive: if a hacker would like to buy 51% of the total number of coins, the market reacts by fast price appreciation.
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Proof of work how hard you can push your workers(miners)
Proof of stake how much u hold in account
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Proof Of Work refers the the usage of hardware to mine for cryptocurrency.
Proof Of Stake means you get profit in a certain cryptocurrency for holding that particular coin.
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Proof of work requires more electricity than Proof of Stake.

Buy HODL STAKE
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