3/17/2024 0 Comments Pos definition![]() Each validator has a chance at being selected to write the next block and receive its rewards. ![]() In PoS networks, nodes that can add blocks are called "validators," which are individuals who are responsible for verifying transactions on a blockchain. In Proof of Work (PoW) networks (which we'll cover later) like Bitcoin, these nodes are referred to as "miners."įor PoS, nodes commit funds to the network - a process known as " staking" - for a chance to be chosen as the next block writer instead of nodes competing with each other to be rewarded for solving cryptographic puzzles, as is the case with PoW. Some nodes have the ability to add blocks of transactions to the chain, maintaining and growing the ledger. The servers in a blockchain are called "nodes." Nodes process transactions. Otherwise, it would be possible for people to create fake transactions. ![]() Because there's no single server controlling the network, there has to be some way for everyone to agree on which transactions are valid. ![]() To answer the question "what is proof of stake," we must first define what it means for blockchains to achieve consensus.īlockchain is a decentralized distributed ledger of transactions. ![]()
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