Proof of Work Vs. Proof of Stake

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3 years ago
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Proof of Work Vs. Proof of Stake

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Cryptocurrencies are seeking to transform the way the world does business. They attempt to ease the process of numerous transactions — from lending money to opening a bank account. The notion is these operations take place on a blockchain network. A central authority doesn't oversee them. Instead, the network must check transaction data to make sure all information is accurate. Enter proof of work and proof of stake. They are known as "consensus mechanisms." The result is the same: verification of data and a successful transaction. But the means of getting there is a bit different. Bitcoin, the world's biggest cryptocurrency, uses proof of work. Ethereum, the world's second biggest, started out utilizing proof of work too. But Ethereum currently is switching over to proof of stake. Is one better than the other?

🕒 Timestamps 🕒
00:00 Introduction
01:09 What is Proof-of-work?
02:45 What is Proof-of-stake?
04:06 Proof-of-work Pros
05:45 Proof-of-stake Pros
07:14 So, Which Is Better?
08:21 Final Thought

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