Proof of Stake
An alternative to proof-of-work (the method of reaching consensus used by bitcoin). Instead of having miners using powerful hardware to mine, we have validators.
- Validators have to deposit coins as a security deposit. The size of the stake matters in the probability of a validator to be chosen.
- The validators validates the transactions and cashes in the fees. If fraudulent transactions are added the validators losses the stake.
It uses less energy, more people can participate but brings additional risks (attacks, etc). It's the future of ether and implemented in Cardano.
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Proof of stake
Similar to Proof-of-work, Proof-of-Stake is a consensus mechanism which underpins security of the blockchain by preventing doubles...
How Is the Elrond Network Secured?
- Elrond uses what it calls a secure proof-of-stake consensus algorithm in which nodes must stake their EGLD tokens to participate in the validation process, and each validator is assigned a rating score based on past activity.
- Validators
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