Different Consensus Mechanisms: PoW Vs. PoS

cryptocurrency 101: Understanding two main unanimity mechanisms

The cryptocurrency world is a complex and fast -developed space, and new technologies and unanimity mechanisms appear regularly. The cryptocurrency is based on a decentralized network that allows users to control their transactions and resources without the need for intermediaries, such as banks or governments.

In this article, we go into two of the most commonly used consensus mechanisms in cryptocurrency: evidence (POW) and remain evidence (POS). These mechanisms play a key role in the operation of various cryptocurrencies and have a significant impact on their safety, scalability and acceptance.

Work Proof (POW)

Pow is the most commonly used mechanism of consensus in cryptocurrency. He was first introduced from Hard Fork Bitcoin since 2008, and has since been accepted by many other cryptocurrencies, including Ethereum, Monero and Litecoin.

In the people’s network, it competes with sophisticated mathematical puzzles to confirm the transaction blockchain. These puzzles are designed to be difficult to solve using the current computer power, so the term “job proof”. The first miners to solve the dough can add a new blockchain transaction unit and reward with a recently broken cryptocurrency.

Here’s how it works:

• Miners collect and check the transactions blockchain.

• Górnik selects a transaction group containing the new block (“Lock Award”).

• Miner calculates mathematical puzzles for each transaction in the selected group.

• The first miners to solve the puzzle known as “evidence of work” is given the newly broken cryptocurrency and the right to add the next transaction block blockchain.

Pow Benefits:

1
Energy Efficiency

: POW requires significant computing power that reduces power consumption.

• Security

  : The use of complex mathematical puzzles interferes with malicious actors manipulate the network.

3
scalability : POW can process a large amount of transactions per second.

POZP Disadvantages:

1
Energy Consumption : The energy needed for cryptocurrencies is important, which contributes to greenhouse gas emissions and environmental problems.

• Centralized Management : Mining funds, which are often dominated by large companies or countries, can cause centralization of the web.

Stak (POS) proof

POS gained popularity as an energy alternative to Poviat for the first time he was introduced to Hard Fork Ethereum in 2016, and has since been accepted by many other cryptocurrencies.

Pos Walidacze They are chosen to create new blocks based on cryptocurrency balance in their wallets. Walidacze, which has more cryptocurrencies (i.e. for those with more), has a greater option to choose to participate in the validation process.

Here’s how it works:

• Users place their cryptocurrency in their wallet or replacement.

• A random selection fund is set up that selects users based on their balance.

• The highest ranking user from the pool is chosen as a validator.

POS Benefits:

1
Energy Efficiency : POS requires much less energy than POW, which makes it more environmentally friendly.

• Increased security : Validacists have greater control over their assets and are less often manipulated by malicious actors.

3
reduced transaction fee : As the number of validations increased, as well as fees associated with validation transactions.

Disadvantages POS:

1
Centralization : Using a random selection pool can cause centralization on the web if a small group of users dominated it.

• Slower locking time : POS may be slower than POW because the correctness of the correctness test lasts longer, as many validators are needed.