Proof of Stake has a lot of similarities with Proof of Work consensus algorithm, but the two algorithms differ in fundamental ways. In brief, Proof of Stake is an algorithm that achieves consensus by requiring users to stake a number of their tokens in order to be considered to validate blocks of transactions, and earn rewarding fees. Its aim is provide distributed consensus for the network participants and build a secure system where its users are incentivized to validate other peoples' transactions via fees while guaranteeing that the network will not be compromised by malicious attackers and is immune to hackers.
The selection process of a validator is determined in a two steps. First, the algorithm considers the user's stake, e.g. the amount of currency the user is staking. The validators are required to own a stake in the network to use a collateral for validation, which means having a deposit of tokens int the system and locking it.
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