Member-only story
⚡️ Proof of what?
Learn the meaning behind proof of stake (PoS) and proof of work (PoW)
There is much more than low gas when “NFTing” in altcoins like Tezos, Cardano, and Solana. As I chat with more people every day, it is clear that not everyone is aware of this-the network where the transaction happens influences energy consumption significantly. I decided to step away from crypto art in this edition (although I included some cool clean NFTs 🌱) and go down into the machines room to talk bout crypto protocols and tech in simple terms.
Just like real-life currencies, there needs to be a mechanism to “print” money. Each country decides how to do it by a mix of decision-makers like a central bank, economists, and lawmakers. Similarly, crypto coins like Ethereum, Tezos, Cardano, and Solana have their own mechanisms to print money. There are two popular mechanisms, Proof of Work (PoW) and Proof of Stake (PoS). They were created before crypto but became widely used with the emergence of these technologies.
Proof of Work (PoW)
PoW is a form of cryptographic zero-knowledge proof in which one party (the prover) proves to others (the verifiers) that a certain amount of a specific computational effort has been expended. Verifiers can subsequently confirm this expenditure with minimal effort on their part…
