Proof of Stake (PoS)

 

Proof of Stake (PoS)

Proof of Stake (PoS) is a proposed alternative to proof of work (PoW). As a proof of work, consensus and avoidance of the double spend problem is provided. Roughly speaking, a node must prove that it has access to a certain amount of coins before being accepted by the network rather than solving some work. Generating a block involves sending coins to yourself, thus proving ownership. The amount of coins needed (target) is specified by the network in a proof-of-work-like tuning process. Among the virtual currencies that use the method, we can mention BlackCoin, NuShares/NuBits, Qora, NEO, which provides GAS tokens to those who hold the currency, Ethereum is in the process of migration and Decred, which has a hybrid system. (PoS and PoW).

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