Cryptocurrency and Blockchain: What You Need to Know

December 31, 2021

Proof of Work and Proof of Stake

Blockchain networks require a consensus mechanism to validate new blocks added to the chain. Consensus mechanisms enable blockchain nodes to agree on the accuracy of each block of transactions before adding it to the chain, preventing fraudulent transactions and errors. Cryptocurrencies use two different mechanisms to reach a consensus on which new blocks to add to their blockchains: Proof of Work and Proof of Stake.
This website uses cookies to improve your experience. By using this website you agree to our Data Protection Policy.
Read more