The Pros and Cons of “Proof of work” and “Proof of Stake” - Crypto in Plain English – Episode 21 - by cryptohunt.it
Crypto in Plain English - by cryptohunt.it26 Loka 2021

The Pros and Cons of “Proof of work” and “Proof of Stake” - Crypto in Plain English – Episode 21 - by cryptohunt.it

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

Today we talk about the pros and cons of ““Proof of work” and “Proof of Stake”

There are a few things that you’d want from a payment method and amongst them are quick processing, and low transaction costs.

Imagine buying a coffee on your break and the line is out the door, because everybody has to wait at the counter for 5 minutes before their credit card transaction goes through. And when it goes through, you end up paying 60 dollars in processing fees for a 3 dollar coffee.

The disadvantage of “proof of work” is exactly that. The network is less likely to handle lots of transactions at the same time, because those math puzzles require time and energy to solve. Currently, Bitcoin can only process 7 transactions per second for example, and likewise paying 50 dollars for one on Ethereum isn’t unusual.

“Proof of work” solves that. No puzzles to solve means just crunching transactions, and computers are really good at that because it is so simple. The only downside here is that you won’t be able to mine coins – meaning validate in this case – if you don’t have a substantial amount in your holding already.

And next time, we’ll talk about these differences between paying with crypto and your good old Credit Card.

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 a DAO? - Crypto in Plain English – Episode 29 - by cryptohunt.it

What is a DAO? - Crypto in Plain English – Episode 29 - by cryptohunt.it

Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Today we explain what a DAO ("D-A-O") is. You may remember our episode on Web 3 and its core promise ...

5 Marras 20211min

Yield Farming - or how to generate passive crypto income - Crypto in Plain English – Episode 28 - by cryptohunt.it

Yield Farming - or how to generate passive crypto income - Crypto in Plain English – Episode 28 - by cryptohunt.it

Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Today we explain what Yield Farming is or how to generate passive income with crypto. Yield farming i...

4 Marras 20211min

What the heck is staking? - Crypto in Plain English – Episode 27 - by cryptohunt.it

What the heck is staking? - Crypto in Plain English – Episode 27 - by cryptohunt.it

Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Today: What the heck is staking? Staking is the process of locking up tokens you own within a blockch...

3 Marras 20211min

What is a Liquidity Pool? - Crypto in Plain English – Episode 26 - by cryptohunt.it

What is a Liquidity Pool? - Crypto in Plain English – Episode 26 - by cryptohunt.it

Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Today: We explain liquidity pools. If you want to exchange one token for another, you have to have a ...

2 Marras 20211min

How does swapping tokens actually work? - Crypto in Plain English – Episode 25 - by cryptohunt.it

How does swapping tokens actually work? - Crypto in Plain English – Episode 25 - by cryptohunt.it

Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Today: How you exchange one token for another. Let’s say you own a significant amount of one coin, an...

1 Marras 20211min

What is a dApp? - Crypto in Plain English – Episode 24 - by cryptohunt.it

What is a dApp? - Crypto in Plain English – Episode 24 - by cryptohunt.it

Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Today, we explain dApps (“d-a-p-p-s”), short for decentralized apps. Unlike traditional apps that run...

29 Loka 20211min

What is a blockchain? - Crypto in Plain English – Episode 23 - by cryptohunt.it

What is a blockchain? - Crypto in Plain English – Episode 23 - by cryptohunt.it

Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. Today, we’ll explain what blockchains are. Blockchains are the underlying concept of all cryptocurren...

28 Loka 20211min

What’s the difference between crypto and credit card payments? - Crypto in Plain English – Episode 22 - by cryptohunt.it

What’s the difference between crypto and credit card payments? - Crypto in Plain English – Episode 22 - by cryptohunt.it

Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english. You’ve probably asked yourself - now that you understand crypto, how does “old school” credit card mo...

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