There are a range of consensus algorithms used in blockchain, but typically there are two main types: 🔸 Proof of Work (PoW) 🔸 Proof of Stake (PoS) Learn more ⤵️
is the godfather of blockchain consensus algorithms. It was first implemented in Bitcoin, but the actual concept has been around for some time. In Proof of Work, validators to be in with a chance of producing a valid block., is the cost of these machines and the electricity required to run them. ASICs are built for one purpose, so they have no use in applications outside of cryptocurrency mining.
Well, not all. You still need to put some skin in the game. In PoS, you don’t put forward an external resource , but an internal one – cryptocurrency. Rules differ with every protocol, but there’s generally a minimum amount of funds you must hold to be eligible forFrom there, you lock up your funds in a wallet . You’ll typically agree with other validators on what transactions will go into the next block.
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