This is proof-of-steak:
Erik Mclean / Pexels
Proof-of-stake, on the other hand, is the next security foundation for Ethereum. The blockchain will complete its migration to PoS in the coming months, the Ethereum Foundation said yesterday.
Ethereum is the clear platform of choice for Web 3.0. Created in 2015, the Ethereum blockchain has emerged as a globally distributed computing layer for all manner of decentralized applications, from financial services to one-of-a-kind tokens.
- Ether, the cryptocurrency that powers Ethereum, is up 255% this year (but down 25% over the last 24 hours). It’s the second largest crypto by market value after bitcoin.
Many of you have written in asking us for more explainers of cryptocurrencies and the fundamental technologies that power them. Today we’re excited to roll out a new piece of coverage in that wheelhouse. Expect more from us soon.
Before diving in, let’s cover the basics
- What proof-of-stake is: A consensus mechanism
- What is that? An algorithm that keeps blockchains—distributed networks of nodes—humming. By establishing and synchronizing one ledger of transactions across nodes, these protocols keep blockchains secure and prevent double-spending attacks.
- What’s the status quo? Bitcoin’s blockchain uses proof-of-work (PoW), as does Eth 1.0.
With that, we now return to the topic of juicy beef. Of late, Elon Musk has been setting Twitter aflame by criticizing bitcoin and saying Tesla would no longer accept it as payment for vehicles. His nominal reason for opposition = the “rapidly increasing use of fossil fuels for bitcoin mining