โ๐ What is the difference between Proof of Work and Proof of Stake? ๐ค
โBlockchain enthusiasts! โ๏ธ Are you always wondering about the difference between Proof of Work and Proof of Stake? ๐ง Simply put, they are the two main mechanisms for securing decentralized networks.
โโ๏ธ Proof of Work (PoW):
This mechanism is how Bitcoin operates. ๐ It relies on miners who use powerful computers to solve complex puzzles ๐งฉ, consuming a very large amount of energy. โก๏ธ The winner of the reward is the first to find the solution! It is a secure method but costly.
โ๐ฑ Proof of Stake (PoS):
This is how Ethereum operates now. ๐ Instead of miners, it relies on validators who stake a portion of their coins as a bet. ๐ The winner of the reward is selected based on the size of their stake. It is a more energy-efficient and faster method! ๐