Greetings my wonderful friends, I'm here once again for my task 6 work. This time I will be talking about Different types of Consensus Mechanisms by professor @sapwood, and I will be answering the first question.

QUESTION

▪️What is the difference between PoW & PoS?

▪️Advantages & Disadvantages?

▪️Which one is better in scaling Capacity?

▪️Examples.

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WHAT IS THE DIFFERENCE BETWEEN PoW AND PoS

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In all ratification, I will say that Proof of Stake (PoS) is the second most popular consensus mechanism after Proof of Work (PoW) in terms of the market capitalization of which the blockchain networks deploying it.

Proof of Work (PoW)

Proof of work (PoW) was created by Satoshi Nakamoto, the mysterious creator of Bitcoin to configure or construct digital transactions that will be guarded without acquiring or getting any believe in intermediary.

Proof of work(PoW) stands as the foundation for every other blockchains and seeing Bitcoin's success developers did not think twice. It's more than decentralized.

PoW is also the first consensus mechanism that imposes lots of calculus efforts in other to get the solution of complex mathematical problem. And have the limitation on bountiful amounts of new blocks of data can be produced, for instance, miner would be able to create bitcoin (BTC) blocks only in every 10minutes.

In PoW, the sellecting or variety of miners are altered or changed. It guarantees a high quality degree of decentralization, though it compelled scaling capacity.

PoW does not depend on any private third party transactor, but determines large amout of strength.

PoW is a protocol that was created to stop/obviate and deter cyber-attacks on interconnection.

Proof of Stake (PoS)

Proof of Stake (PoS) is a consensus mechanism created or introduced by Sunny King and Scott Nadal a few years after Bitcoin's very own launch. The aim of proof of stake is to replace proof of work for the reason of making blockchains more power effective.

Proof of Stake (PoS) go a long way in solving the issue of miners high rate spending by replacing miners with validators. Because the job of a validator is the same as a miner while their cost of action differs.

Proof of stake (PoS) is a systematic arrangement for approving or verifying transactions, the aim is in the same manner of proof of stake (PoW), but the resultant is acquired in a different way.

Block creator or inventor is derived from the described stake and also corresponding to the stake, that is, the greater the stake the greater the possibility or opportunity to be an originator to create a Block.

Proof of Stake is executed by miners who place a number of their coin to blocks to verify or approve transaction blocks, and the method does not encourage beyoud number of strength utilization.

PoW

▪️ For solving a cryptographic puzzle, miners receive block rewards.

▪️ You have to have a computer more powerful than 51% of the network in other to add malicious block.

▪️ A reward is given to the first miner to solve the puzzle for their work.

▪️ Mining capacity depends on computational power.

▪️ Proof of work determines a large amount of energy with miners who wants to sell their coin to eventually foot the bill.

▪️ Miners has to compete to solve a difficult puzzle using their computers processing power in other to add each block to the chain.

PoS

▪️ Validators do not collect transection fees as rewards because they do not receive a block reward.

▪️ You need to own 51% of all the Cryptocurency in other to add a malicious block on the network.

▪️ It is know that there is no reward for making a block, because of this, the block creator takes a transaction fee.

▪️ The stake in the network depends on the Validating capacity.

▪️ Based on the user's stake, there is no competition as the block creator is chosen by an algorithm.

ADVANTAGES AND DISADVANTAGES OF PoW AND PoS

PoW advantages and disadvantages

Advantage.

There is a high rate of security abort or discontinue the way and stipulating a high cost, due to the posibility of getting the exact hash immediately in equivalent to the power. This is safe, in the sense that no one can defraud you if you don't have up to 51% of the power.

The Proof of work (PoW) prototype gives miners prizes of block prize aswell as a part of transaction expense.

Disadvantage

This will result to waste of funds, and it is bad within the environment. In the sense that, mining needs plenty if hashing. It also need strenght and different calculus assets.

PoS advantages and disadvantages

Advantage

First advantage is that in Proof of Stake, it is not composery that you will have a dominant computer apparatus, the charges are been reduced and there is no pressure on the price.

Another advantage of PoS is, there is no necessity to waste or devour large volume of power to protect blockchain

Disadvantages

In Proof of Stake task, users have equal encouragement no minding of the savings they have made.

Proof of stake does not accomplish or execute consensus. Those who are staking their coins, can be able to vote for the two group of blockchain.

WHICH ONE IS BETTER IN SCALING CAPACITY?

Both the PoW and PoS are great but the inferior load on the blockchain, also causes energy loss to reduce in a noticeably. Acquiring a lower energy consumption and quicker transaction period, PoS operation already undertake the major scalability issues that PoW faces. In this case, Proof of stake is not much better in scaling capacity than Proof of Work. Both generally does a perfectic work.

Examples

Below are the examples.👇🏽

DASH
NEO
TEZOS

CONCLUSION

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In conclusion, neither proof of work nor proof
of state are inherently scalable. Both consensus models have a problem with processing a high number of transactions in a short time span. Therefore, I do not think the PoS scales.

We should all have to concceder that no PoS network has served once and for all that it is actually better than PoW. Until that moment PoS will float in the air perfectly for what blockchains should look like.

It strongly demands all miners to solve or find solution to a complete sum, I will day that, the winner is decided by the person who has the greatest or highest power of hardware tools.

Thank you wonderful steemians for reading my post.

Thank you professor @sapwood for this wonderful lecture.

Special regards to;
@nane15
@sapwood
@chetanpadliya
@drqamu
@dilchamo