Details required regarding how PoS works
What is Proof-of-Stake algorithm (PoS) and how it is useful in Blockchain scenario?
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Details required regarding how PoS works
Cryptofridge
Proof of stake is used to validate transactions staked and achieve the distributed consensus.
It is still an algorithm, has the same as proof of work, but entails a different process entirely.
Proof of stake first idea was suggested on the bitcointalk forum back in 2011, but the first digital currency to use this method was Peercoin in 2012, together with ShadowCash, Nxt, BlackCoin, NuShares/NuBits, Qora and Nav Coin.
With the proof of stake, the creator of a new block is chosen in a deterministic way, depending on its wealth, also defined as stake, Energy consumption is also reduced drastically as opposed to PoW.
Also, all the digital currencies are previously created in the beginning, and their number never changes, this means that in the PoS system there is no block reward, so, the miners take the transaction fees.
Tammachir Suwanno
Proof of stake is a type of algorithm by which a cryptocurrency blockchain network aims to achieve distributed consensus.
Ashish Jaiswal
Proof of Stake takes away the energy and computational power requirement of PoW and replaces it with stake. Stake is referred to as an amount of currency that an actor is willing to lock up for a certain amount of time. In return, they get a chance proportional to their stake to be the next leader and select the next block.