dido:public:ra:xapend:xapend.k_consensus:02_mechanism:pos
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dido:public:ra:xapend:xapend.k_consensus:02_mechanism:pos [2021/07/16 18:48] nick created |
dido:public:ra:xapend:xapend.k_consensus:02_mechanism:pos [2021/08/13 14:01] (current) murphy |
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| ====== Proof of Stake (PoS) ====== | ====== Proof of Stake (PoS) ====== | ||
| - | [[dido:public:ra:xapend:xapend.k_consensus#consensus_mechanism | Return to Consensus Mechanism ]] | + | [[dido:public:ra:xapend:xapend.k_consensus:02_mechanism:start | Return to Consensus Mechanism ]] |
| - | Proof of Stake is the most basic and environmentally-friendly alternative of PoW consensus protocol. | + | The definition is provided by Frankenfiels(( |
| + | Jake Frankenfield, | ||
| + | Investopedia, | ||
| + | __Proof of Stake (PoS)__, | ||
| + | 21 April 2021, | ||
| + | Accessed: 18 July 2021, | ||
| + | [[https://www.investopedia.com/terms/p/proof-stake-pos.asp]] | ||
| + | )): | ||
| + | |||
| + | //The **Proof of Stake (PoS)** concept states that a person can mine or validate block transactions according to how many [[dido:public:ra:xapend:xapend.a_glossary:c:coins|coins]] they hold. This means that the more coins owned by a miner, the more [[dido:public:ra:xapend:xapend.a_glossary:m:mining|mining]] power they have.// | ||
| + | |||
| + | //The proof of stake was created as an alternative to the [[dido:public:ra:xapend:xapend.a_glossary:p:proof_of_work|proof of work (PoW)]] concept, to tackle inherent issues in the latter. Currently, only altcoins use the proof of stake concept. When a transaction is initiated, the transaction data is fitted into a block with a maximum capacity of 1 megabyte, and then duplicated across multiple computers or nodes on the network. The nodes are the administrative body of the blockchain and verify the legitimacy of the transactions in each block.// | ||
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| + | //To carry out the verification step, the nodes or miners would need to solve a computational puzzle, known as the proof of work problem. The first miner to decrypt each block transaction problem gets rewarded with a coin. Once a block of transactions has been verified, it is added to the [[dido:public:ra:xapend:xapend.a_glossary:b:blockchain|blockchain]], a public transparent ledger.// | ||
| - | In this blockchain method, the block producers are not miners, but they act like validators. They get the opportunity to create a block over everyone which saves energy and reduces time. However, for producers to become a validator, they are supposed to invest some amount of money or stake. | ||
| - | Also, unlike that in the case of PoW, miners are provided with a privilege to take their transaction fees in this algorithm for there is no reward system in this consensus model.[[dido:public:ra:xapend:xapend.k_consensus:09_ref:bhardwaj]] | ||
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dido/public/ra/xapend/xapend.k_consensus/02_mechanism/pos.1626475729.txt.gz · Last modified: 2021/07/16 18:48 by nick
