What is Proof of Stake Cryptocurrency?
The proof of stake (PoS) consensus mechanism is a blockchain technology that uses a game-theoretic design to encourage participation. Unlike the proof-of-work system, which relies on centralized cartels and selfish mining, PoS is voluntary and slows down interaction with the blockchain. A single block with 10 million coins has a 10 times higher value than one with a million. The benefits of this mechanism are numerous. Proof-of-stake is a consensus mechanism for cryptocurrencies. It is an eco-friendly and secure way to verify transactions. It does not require validators to solve complicated equations and is thus a more environmentally-friendly method of…