Top 10 Articles About Ethereum's PoS (Proof of Stake)
The second biggest blockchain in the world Etherium, is about to switch from Proof of Work (PoW) to Proof of Stake (PoS).
Proof of Stake takes labor work out of the mining process. Instead of time and electricity, the external resources validators are used to putting into generating PoW, the algorithm enables miners with most coins (internal resources) to write to a blockchain’s history.
Proof of Stake (PoS) is an alternate way of verifying and validating the transaction or block. This will pick the Validator (Equivalent of “miner” in the PoW) by the amount of stake(coins) a validator has and the respective age of the stake.
Bitcoin's energy intensity is seen as unsustainable by Ethereum developers Vitalik Buterin and John Lilic, but how justified are these concerns?
So you might have heard that Ethereum is considering changing its distributed consensus system to something called proof of stake. Here, we will try to explain what this is as well as how it may affect
Proof of stake is a different way to validate transactions based and achieve the distributed consensus. It is still an algorithm, and the purpose is the same of the proof of work, but the process to reach the goal is quite different.
Ethereum is currently halfway through its development with plans for improvements. One improvement is a transition from proof of work to proof of stake.
Proof of stake will make the entire mining process virtual. In this system we have validators instead of miners.
Ethereum will be moving to proof-of-stake model by end of 2017.