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Differentiate between Proof of Work vs Proof of Stake.

Differentiate between Proof of Work vs Proof of Stake.


Asked On2022-02-14 10:49:25 by:Muskan-Kumari

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Difference between Proof of Work (PoW) and Proof of Stake (PoS) in blockchain :

S.No.Proof of Work (PoW)Proof of Stake (PoS)
1.The probability of mining a block is determined by how much computational work is done by miner.The probability of validating a new block is determined by how large of a stake a person holds (how many coins they possess).
2.A reward is given to first miner to solve cryptographic puzzle of each block.The validator donot receive a block reward instead they collect network fee as their reward.
3.To add each block to chain, miners must compete to solve difficult puzzles using their computer process powerThere is no competition as block creator is .chosen by an algorithm based on user stake.
4.Hackers would need to have 51% of computation power to add malicious block.Hackers would need to own 51% of all cryptocurrency on network, which is practically impossible.
5.Proof of work systems are less energy efficient and are less costly but more proven.Proof of Stake systems are much more cost and energy efficient than POW systems but less proven.
6.Specialized equipment to optimize processing power.Standard server grade unit is more than enough.
7.Initial investment to buy hardware.Initial investment to buy stake and build reputation.
8.Bitcoin is most well known crypto with a Proof-of-Work consensus building algorithm which uses most well known proof-of-work function is called SHA256.Some of cryptocurrencies that use different variants of proof-of-stake consensus are: EOS (EOS), Tezos (XTZ), Cardano (ADA), Cosmos (ATOM), Lisk (LSK).

Answerd on:2022-02-14 Answerd By:Sheethal-

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