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proof-of-stake 2017-10-31T01:16:44+00:00

Proof of Stake (POS)?

Proof of Stake is a different type of algorithm used in certain cryptocurrencies, rather than rewarding the miner who used the most computational power like in Proof of Work, the creator of the next block is chosen in a ‘pseudo random’ way based on how much of the particular cryptocurrency you have staked. This removes the risk of a 51% attack as, although it could still happen, with POS you would have to own 51% of the currency and this would mean you would have an invested interest in sustaining the network.

There are various different types of Proof of Stake and there are a number of altcoins which are contemplating switching to this algorithm as it rewards users who actually invest in the network as oppose to incentivising miners to spend and use large amounts of money to mine the altcoins.

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