All About PoS Mining And Why It's The Future Of Cryptocurrency
PoS is a kind of consensus mechanism (like all PoS mechanisms, it's open source). It is ideal for decentralized currencies as it does not require electricity or expensive mining hardware.
PoS uses a stake system, where you can earn interest by holding your coins and waiting for the next block to be mined. This process is called staking and works like this:
Deposit a certain amount of coins into the network**
The network tracks your balance so you know how much interest you've earned**
You can then stake those coins on the network by storing them in your wallet, exchange, or other wallet that supports staking**
The more you bet, the more interest you earn**
When a new block is created on the network, all users who have wagered coins will be credited with the newly generated coins**
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