The main basis of the consensus algorithm mechanism is Proof of Work and Proof of Stake, PoW is more widely applied to old crypto such as Bitcoin, Litecoin, Bitcoin Cash, Dogecoin etc., even the Ethereum blockchain which originally carried PoW has moved (merged) to PoS. Although both consensus algorithms have the same goal of validating transactions and adding new blocks to their blockchain, and also to ensure the network can cooperate and comply with agreements, because the blockchain is a decentralized platform, the participants depend on each other. However, both use different consensus algorithm mechanisms and of course there will be many differences.
What are the differences between PoS and PoW?
- Thread starter Suba
- Start date
-
Welcome to our community! 🌟 Don't miss out on the latest Events and Paid Offers available exclusively in our Community Events & Paid Offers Section. Dive in now to explore and benefit! 💼
I remember the period when Ethereum switched from PoW to PoS and it was sad for many miners because they had hundreds of video cards that became unsuitable for mining this particular token, and now Ethereum is not so profitable in the PoS system