Anyone who read about cryptocurrencies since the ICO boom or more could have learned that Ethereum is planning to abandon the PoW consensus protocol in favor of PoS. The knowledge of this planned transition was so habitual that some of us could hardly believe that Ethereum would adopt the PoS algorithm...

Bitcoin, Ethereum, and many other cryptocurrencies rely on the Proof-of-Work (PoW) algorithm. PoW is highly criticized for its environmental effects, impact on the GPUs market, and other reasons. No wonder another consensus algorithm has shown up. One of the most popular ones is Proof-of-Stake (PoS)....

Contents Proof of Work Proof of Stake Why does Ethereum want to switch to Proof of Stake? The difference between PoW and PoS Blockchain technology works on a consensus algorithm. It means that in a network of public blockchain different members or nodes reach a unanimous decision to agree...

While fiat currencies such as dollars, euros and naira are regulated by the central government which distributes them and all online transactions made using them can be authorised by the relevant authorities, cryptocurrencies work in a slightly different way. Given that one of their major selling points...

All cryptocurrency assets can be divided into 2 types based on their operating principle: Proof of Work (PoW) and Proof of Stake (PoS). The concept of Proof of Stake (PoS) involves a type of mining, where instead of the computing power of the participants, you just need to store crypto assets in your...