Reasons Why You Should Prefer PoS over PoW Consensus Algorithm
Since the day Blockchain technology has proven to be something beyond cryptocurrencies, almost every business enthusiast, tech researcher, and developer has shown an interest in getting familiar with its basics. They have started exploring the Blockchain domain to understand its underlying architecture, the associated concepts like Consensus Algorithms, Tokenization, and more that make it succeed in providing a decentralized environment. Now, while exploring the world of blockchain consensus algorithms , one question that is hitting almost everyone’s head is: How is PoS better than PoW? The questions whose answer we will unveil in this blog. But firstly, let’s refresh our knowledge about what exactly the two terms mean, i.e, PoW and PoS. What is Proof of Work (PoW)? Introduced by Satoshi Nakamoto, the founder of Bitcoin, Proof of Work (PoW) is the consensus mechanism where participating nodes have to solve a complex mathematical puzzle with the help of different mining m...