Proof of Stake is technique of securing a blockchain based on the consensus of the owners of the cryptocurrency. Simplifying it somewhat, if say 51% of the people who own the cryptocurrency believe that the blockchain has not been tampered with, then that is the blockchain that the majority agree is the correct one.
The Bitcoin blockchain requires a “proof of work” to codify all the transactions that have been sent to the network every 10 minutes. Many blockchains use a proof of work to do this and it is usually performed by a computer or circuit which applies a mathematical formula to obtain a result. In simple laymans… Read More »