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– TIMESTAMPS –
0:00 Intro
1:51 Cryptocurrency Consensus Defined
5:51 What Is Proof Of Work?
10:24 What Is Proof Of Stake?
13:42 PoW: Strengths & Weaknesses
16:32 PoS: Strengths & Weaknesses
21:05 Conclusion: Which Is Higher?
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⛓️ 🔗 Helpful Hyperlinks 🔗 ⛓️
► Proof of Work Defined:
► Proof of Stake Defined:
► In Favor of Proof of Work:
► In Favor of Proof of Stake:
► Proof Of Work Cryptocurrencies:
► Proof of Stake Cryptocurrencies:
~~~~~
👨🏫Cryptocurrency Consensus Defined👨🏫
Consensus in cryptocurrency follows the identical concept as consensus between folks. The distinction is it’s computer systems coming to a consensus AKA an settlement about whether or not a transaction is legitimate or not. Normally, the consensus threshold in cryptocurrency is greater than half, or 51%
⛏What’s Proof of Work?⛏
Any laptop that wishes to course of transactions on a proof of labor cryptocurrency blockchain like Bitcoin wants to resolve a fancy equation to earn the proper to take action. This prices time and power to do
If this sounds tedious and arbitrary, it’s as a result of it’s. This concept of labor exists solely as a method of defending a cryptocurrency from manipulation by the computer systems related to its blockchain
💰What’s Proof of Stake?💰
As an alternative of utilizing giant quantities of computing energy and power to resolve an equation to course of transactions, a cryptocurrency coin is staked i.e. locked on the blockchain to earn the proper to take action
The size of time a cryptocurrency should be staked to course of transactions can range, as can the minimal quantity of cash or tokens a pc should lock up as stake
Logically, the extra cryptocurrency you stake, the extra doubtless you might be to course of transactions and create a block
⛓PoW: Benefits and Disadvantages⛓
In idea, anybody can join their laptop to a proof of labor cryptocurrency to course of transactions and earn cryptocurrency as a reward for doing so
Nevertheless, through the years firms have developed specialised computer systems referred to as software particular built-in circuit machines or ASICs for brief. That is steadily centralizing PoW cryptocurrencies
What’s worse is that when a brand new and improved ASIC is launched, the older mannequin normally leads to a landfill, and this is likely one of the many environmental considerations about proof of labor cryptocurrency mining
💱PoS: Benefits and Disadvantages💱
In idea, anybody can join their laptop to a proof of labor cryptocurrency to course of transactions and earn cryptocurrency as a reward for doing so
That is facilitated by the minimal {hardware} and power necessities to take part in most proof of stake cryptocurrency blockchains
Nevertheless, most proof of stake cryptocurrency blockchains have excessive thresholds in the case of the minimal stake you might want to put down to hook up with it as an unbiased laptop
Furthermore, most proof of stake cryptocurrencies had one thing referred to as a premine which is the place a bunch of cash or tokens are minted upfront and distributed to the crew and huge traders
Consequently, most proof of stake cryptocurrencies are extra centralized than Bitcoin and Ethereum for the reason that common person is caught delegating to a validator or staking pool belonging to the crew and VCs
~~~~~
📜 Disclaimer 📜
The data contained herein is for informational functions solely. Nothing herein shall be construed to be monetary authorized or tax recommendation. The content material of this video is solely the opinions of the speaker who shouldn’t be a licensed monetary advisor or registered funding advisor. Buying and selling cryptocurrencies poses appreciable danger of loss. The speaker doesn’t assure any specific end result.
#bitcoin #blockchain #consensus #staking #mining #pos #pow
Source: Coin Bureau
31 Responses
Hope this overview is useful guys! Don't forget to follow me on some of my other social channels. We have some important updates in the pipes 😉 👉 https://guy.coinbureau.com/socials/
Satoshi stealth mined 1,000,000 Bitcoins. Is that a "fair" launch?
Hello Coin Bureau.
Im worried about proof of work cryptos.
Elizabeth Warren might want to regulate proof of work into non-existance.
This could mean some cryptos will zero out and die. Right?
Could you make video regarding this subject?
Also how can we know if tokens on pancakeswap etc are proof of work or not?
Thanks
Always love getting financial advice from Guy!
Well one way to fix proof of stake to is have all of its holders agree on governance. I wonder who will implement best of both worlds from POW and POS and the name of that protocol
Sounds who has the largest computing company wins and therefore gets centralized.
Strongly biased towards PoW! Examples: "many PoS chains have premined coins" – this has nothing to do with PoS but with the project, PoW chain can premine as well. Next, "PoW is safer against hostile takeovers because it requires more than just money." – not really. ASICs, housing, required engineers, and electricity all cost money. If you have a lot of money, you'll do it. It's almost the inverse. Buying a majority of all newly produced ASICs might be possible and over time will get you to a majority, but buying a majority of the coin supply is very hard because a) a big part is staked and not for sale and b) just buying 20% will make the price pump a lot. Good luck buying the required 67% – btw, that's something that has not been mentioned at all: in PoW it's 51% to take over the chain vs. 67% for PoS, making PoS safer here. Last one I'll mention (there are more): "centralization due to staking pools". Not true as well. Honestly, it might actually be easier to run your own staker than a miner, because former is standard hardware – and end-users will always use pools because it's easier. So there's no more centralization due to pools in PoS, it's the same.
Big fan of the channel in general, but this video was the first one I noticed with serious errors in the information presented. I hope this was not intentional to spread misinformation against PoS due to some hidden agenda. Better stay neutral and factual!
Brilliant
POW FTW 🚀
You and Thoughty2 are the only people I have subscribed to in the last couple years. I figure posting this here will help spread his videos and I will mention you on his channel. Much love
POW v POS, both with glaring references to other less than perfect historical & present issues & solutions.
It’s a bit of a quandary. My thoughts to keep the vision of Crypto alive & well is proof of work, though POS will have its place, for fair & equitable distribution & proofing against the bad actors that created the environment that lead to the birthing of crypto attempting to solving the moral & equitable distribution of resources factor in the first place. (takes breath)
Layer 2 solutions go far toward addressing the slower transaction times so there’s that.
Time will tell & technology is constantly improving but the importance of Satoshi’s vision cannot be understated as applied to societal evolution.
POW presents the better alternative to the prevention of a foreseeably dystopian future. One exponentially more difficult & destructive to address in the future the more leeway it is given in the moment.
Trustless & immutable barter & distribution networks are the most viable thing I see currently that can address the rapidly declining morality aspect of the current societal construct.
Live free, do unto others as you would have them do unto you & stay disobedient.
👍👍great job
Einstein could have mined 1btc with his brain
these videos are my heart and soul on crypto. thanks Guy
As usual, high quality content.
On a side note, solutions such as Monero’s RandomX that aim to be ASIC resistant could pave the way to ensure a consensus protocol which is more aligned with the ethos of crypto-technology so to speak.
It’s quite fascinating to observe that the accumulation of capital, under every possible forms (hash computing power, stacking-based voting power) always happens.
Finally, and being somehow Bitcoin maximalist as it is probably the only digital bearer asset, it is always surprising to face the energy consumption argument against POW. Producing polluting energy is questionable (the German energy policy mix is a scam), consuming energy – that would has been wasted otherwise – is something else.
After all these years, I reached the conclusion that the best solution is probably AND and not XOR.
Thank you
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you are bigger than the biggest. no need to claim.
ETC would go the moon! After ETH2.0
Wanna buy this coat!
Stake
proof of stork VS proof of wake
I Trading bitcoin at this present stage of the market is just the best decision and thanks Mrs Florence Harry whose strategies has kept me earning more and more
ShibToTheMoon!!!! We went from "gold/silver" to "paper/digital" money, (for the non believers, ask your self) so why not to "Crypto" money? I love crypto currency! Crypto currency is the future!
honestly this is one of the more useful vids
Ur the best
Big fan of storking
you didn't put time stamps
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PoW is required for sound money. PoS is more suitable for smart contract enabled blockchains
Beginner here, How do you stake crypto? Also, I use coin base and coin base wallet. I’ve transferred all my crypto to the wallet but the funds still show up in the the coin base portfolio balance.? Lastly, there was news that coin base will be adding shibi inu to its platform but the coin base app says that “this asset is not supported by coin base”?