Proof of Work (Pow) vs Proof of Stake (PoS)

Here is a short guide on Proof of Work (PoW) and Proof of Stake (PoS): Proof of Work (PoW) PoW is a type of algorithm used by cryptocurrencies to achieve distributed consensus. It is the most widely used consensus algorithm by cryptocurrencies such as Bitcoin, Monero, and Litecoin. In PoW, miners compete to solve complex mathematical problems called "hashes." The first miner to solve the problem gets to add the next block to the blockchain and is rewarded with a…

What is Proof of Work (PoW)

Proof of Work (PoW) is a protocol to achieve distributed consensus in cryptocurrency or other decentralized systems. It is an algorithm used to secure the network by requiring the users to perform a certain amount of work to participate in the network. This work usually involves solving a mathematical problem, which is computationally difficult to solve but easy to verify once it has been solved. The way PoW works are as follows: A new transaction is broadcast to the network…