Did you know that the consensus algorithm used in a blockchain can greatly impact how it operates.
03 Feb 2023, 17:25
⚙️ Did you know that the consensus algorithm used in a blockchain can greatly impact how it operates? Take Bitcoin for instance, it uses the Proof of Work (PoW) algorithm which requires intense cryptographic calculations and uses a lot of energy.
✅ On the other hand, Ethereum (the second largest cryptocurrency) has switched from PoW to Proof of Stake (PoS), which has reduced its energy consumption by 99%. In PoS, block validation is done by those who hold ETH, with the more ETH you have, the more likely you are to validate blocks.
Read more about cryptocurrencies on our blog
Same news in other sources
103 Feb 2023, 17:25
⚙️ Did you know that the consensus algorithm used in a blockchain can greatly impact how it operates? Take Bitcoin for instance, it uses the Proof of Work (PoW) algorithm which requires intense cryptographic calculations and uses a lot of energy.
✅ On the other hand, Ethereum (the second largest cryptocurrency) has switched from PoW to Proof of Stake (PoS), which has reduced its energy consumption by 99%. In PoS, block validation is done by those who hold ETH, with the more ETH you have, the more likely you are to validate blocks.
Read more about cryptocurrencies on our blog
Did you know that the consensus algorithm used in a blockchain can greatly impact how it operates.
⚙️ Did you know that the consensus algorithm used in a blockchain can greatly impact how it operates? Take Bitcoin for instance, it uses the Proof of Work (PoW) algorithm which requires intense cryptographic calculations and uses a lot of energy.
✅ On the other hand, Ethereum (the second largest cryptocurrency) has switched from PoW to Proof of Stake (PoS), which has reduced its energy consumption by 99%. In PoS, block validation is done by those who hold ETH, with the more ETH you have, the more likely you are to validate blocks.
Read more about cryptocurrencies on our blog