What is “Proof Of Stake”? - Crypto in Plain English – Episode 20 - by cryptohunt.it
Crypto in Plain English - by cryptohunt.it25 Loka 2021

What is “Proof Of Stake”? - Crypto in Plain English – Episode 20 - by cryptohunt.it

Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english.

Last time, we explained how time-consuming puzzles are one way to solve the problem of cheating on the blockchain. That was called “proof of work”.

Today, we talk about “Proof of stake”, the other way that crypto technologies solve fraud.

Remember: Multiple computers on a blockchain validate one transaction, and if they agree, the transaction gets approved. But that also means: in theory, it would be easy to spin up thousands of fake validators and take over a network.

So how DO you make sure you trust the computers in the network? With “proof of stake” that simply happens by trusting those who actually own a lot of the token itself.

That’s like trusting a veterinarian who has 5 dogs, and not trusting another who doesn’t have any.

This makes cheating very expensive, because you’d have to hold a large portion of tokens to do so. And even if you try, other validators still have to agree with your results of the transaction, making it almost impossible for you to trick the system because they will see that your numbers are different. And to deter you even more, in many blockchains, you may lose some of your tokens if you produce wrong results.

And next time, we talk about the pros and cons of “Proof of work” and “proof of stake”.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.

Jaksot(373)

What is Wrapped Bitcoin? - Crypto in Plain English - Episode 133 - by cryptohunt.it

What is Wrapped Bitcoin? - Crypto in Plain English - Episode 133 - by cryptohunt.it

What is Wrapped Bitcoin? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Today, let’s take a look at a really interesting crossover of the two most p...

31 Maalis 20221min

What makes Binance USD (BUSD) special? - Crypto in Plain English - Episode 132 - by cryptohunt.it

What makes Binance USD (BUSD) special? - Crypto in Plain English - Episode 132 - by cryptohunt.it

What makes Binance USD (BUSD) special? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Today, let’s take a look at yet another stablecoin, Binance US...

30 Maalis 20222min

What makes Near (NEAR) special? - Crypto in Plain English - Episode 131 - by cryptohunt.it

What makes Near (NEAR) special? - Crypto in Plain English - Episode 131 - by cryptohunt.it

What makes Near (NEAR) special? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Today, let’s talk about NEAR. The Near protocol is a blockchain that ...

29 Maalis 20221min

What makes HEX special? - Episode 130 - by cryptohunt.it

What makes HEX special? - Episode 130 - by cryptohunt.it

What makes HEX special? Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Today, let’s take a closer look at HEX, a crypto token that is specially desi...

28 Maalis 20221min

The craziest crypto scams and hacks: Part 5: How Ethereum almost died because of a hack - Crypto in Plain English - Episode 129 - by cryptohunt.it

The craziest crypto scams and hacks: Part 5: How Ethereum almost died because of a hack - Crypto in Plain English - Episode 129 - by cryptohunt.it

The craziest crypto scams and hacks: Part 5: How Ethereum almost died because of a hack Welcome to the cryptohunt jam where we spend one minute a day on crypto and its history. In plain english. Today...

25 Maalis 20222min

The craziest crypto scams and hacks: Part 4: How Bitconnect’s ponzi scheme turned out to be a $4.5 billion dollar scam - Crypto in Plain English - Episode 128 - by cryptohunt.it

The craziest crypto scams and hacks: Part 4: How Bitconnect’s ponzi scheme turned out to be a $4.5 billion dollar scam - Crypto in Plain English - Episode 128 - by cryptohunt.it

The craziest crypto scams and hacks: Part 4: How Bitconnect’s ponzi scheme turned out to be a $4.5 billion dollar scam Welcome to the cryptohunt jam where we spend one minute a day on crypto and its h...

24 Maalis 20222min

The craziest crypto scams and hacks: Part 3: Drug dealers, black markets, Secret Service Agents, and a ton of stolen Bitcoin - Crypto in Plain English - Episode 127 - by cryptohunt.it

The craziest crypto scams and hacks: Part 3: Drug dealers, black markets, Secret Service Agents, and a ton of stolen Bitcoin - Crypto in Plain English - Episode 127 - by cryptohunt.it

The craziest crypto scams and hacks: Part 3: Drug dealers, black markets, Secret Service Agents, and a ton of stolen Bitcoin Welcome to the cryptohunt jam where we spend one minute a day on crypto and...

23 Maalis 20222min

The craziest crypto scams and hacks: Part 2: How investors put $4bn into OneCoin, a coin that didn’t even exist - Crypto in Plain English - Episode 126 - by cryptohunt.it

The craziest crypto scams and hacks: Part 2: How investors put $4bn into OneCoin, a coin that didn’t even exist - Crypto in Plain English - Episode 126 - by cryptohunt.it

The craziest crypto scams and hacks: Part 2: How investors put $4bn into OneCoin, a coin that didn’t even exist Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plai...

22 Maalis 20222min

Suosittua kategoriassa Liike-elämä ja talous

sijotuskasti
mimmit-sijoittaa
psykopodiaa-podcast
rss-rahapodi
rss-rahamania
ostan-asuntoja-podcast
rahapuhetta
rss-laakispodi
rss-sisalto-kuntoon
herrasmieshakkerit
sijoituspodi
rss-draivi
inderespodi
rss-sami-miettinen-neuvottelija
rss-lahtijat
rss-bisnesta-bebeja
rss-karon-grilli
rss-seuraava-potilas
rss-paasipodi
vapauta-supervoimasi-podcast