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Aug 17, 2022 • 9 tweets • 8 min read
What is Proof of Stake (PoS) ?
Our last 🧵 looked at the original Nakamoto #consensus method that uses #ProofofWork - a trusted & robust method - but very time & energy consuming.
Instead validators #stake their own #crypto assets in order to participate in consensus.
Aug 17, 2022 • 9 tweets • 5 min read
What is Proof of Work (PoW)?
Our last thread introduced the topic of #consensus mechanisms which determine how #data is added to the #blockchain
In this 🧵 we look at consensus mechanisms that use Proof of Work:
1/ A group of owls is called a Parliament.
And just as there are different ways to participate in a democracy (eg voting in a referendum vs electing a representative to decide on your behalf) - there are also different ways of participating in decision making on a #blockchain
Did you know that the collective noun for a group of owls is a ‘Parliament’?
This is a great starting point to understanding #consensus mechanisms on a #blockchain1/ A #consensus mechanism on #blockchain is the process by which participants ‘agree’.
