Secure Proof of Stake in #blockchain, Explained
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Secure Proof of Stake in Blockchain: ExplainedProof of Stake consensus mechanism states that a person can either mine or validate block transactions in accordance with how many coins he or she possesses. Now, this implies that the more bitcoin or altcoins are owned by a miner, the more mining power he or she has.The first digital currency to adopt this method of Proof of Stake was Peercoin.Let’s discuss this in detailWhat Exactly is Proof of Stake?The Proof of Stake (PoS) consensus algorithm was first introduced back in 2011 on the Bitcointalk forum aimed to solve the issues of the most popular algorithm in use — Proof of Work.Where both the algorithms share the same goal of reaching consensus in the blockchain, the process to reach this goal in for both is all different.How Does This (...)