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.
Recent cryptocurrency news
Australian blockchain startup ShareRing has been announced as one of the founding companies of MOBI, a new consortium aiming to integrate blockchain technology into the automotive industry. MOBI, which stands for Mobility Open Blockchain Initiative, [...]
A stable coin is something used by cryptocurrency traders to temporarily cash out of a position. They're usually pegged to the price of 1 USD, so one will always be worth 1 USD. When anticipating [...]
After what can only be describes as another disappointing month for bitcoin and cryptocurrency markets alike. Investors are wondering when prices will turn back around. Bitcoin began the month strongly after pushing up to around [...]
Roughly one month ago a renowned Islamic scholar declared that bitcoin was permissible under Sharia law. Opening up the world of cryptocurrencies to 1.6 billion muslims worldwide. Fast forward one month and a London Mosque [...]