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

Episoder(373)

How the future of music will look like with AI - Episode 365 - by cryptohunt.it

How the future of music will look like with AI - Episode 365 - by cryptohunt.it

How the future of music will look like with AI Welcome to the Cryptohunt Jam, where you learn – in just a minute or two a day – what is happening in crypto and other game-changing ideas. As always: In...

22 Feb 20232min

How a future with AI will look like: No more “Googling” things - Episode 364 - by cryptohunt.it

How a future with AI will look like: No more “Googling” things - Episode 364 - by cryptohunt.it

How a future with AI will look like: No more “Googling” things Welcome to the Cryptohunt Jam, where you learn – in just a minute or two a day – what is happening in crypto and other game-changing idea...

21 Feb 20232min

How a future with AI could look like for movies - Episode 363 - by cryptohunt.it

How a future with AI could look like for movies - Episode 363 - by cryptohunt.it

How a future with AI could look like for movies Welcome to the Cryptohunt Jam, where you learn – in just a minute or two a day – what is happening in crypto and other game-changing ideas. As always: I...

20 Feb 20232min

A brief update on FTX - Episode 362 - by cryptohunt.it

A brief update on FTX - Episode 362 - by cryptohunt.it

A brief update on FTX Welcome to the Cryptohunt Jam, where you learn – in just a minute or two a day – what is happening in crypto and other game-changing ideas. As always: In plain English. It’s been...

17 Feb 20232min

Could stablecoins allow the entire world to switch to the US Dollar? - Episode 361 - by cryptohunt.it

Could stablecoins allow the entire world to switch to the US Dollar? - Episode 361 - by cryptohunt.it

Could stablecoins allow the entire world to switch to the US Dollar? Welcome to the Cryptohunt Jam, where you learn – in just a minute or two a day – what is happening in crypto and other game-changin...

16 Feb 20232min

Why is the US government attacking stablecoins? - Episode 360 - by cryptohunt.it

Why is the US government attacking stablecoins? - Episode 360 - by cryptohunt.it

Why is the US government attacking stablecoins? Welcome to the Cryptohunt Jam, where you learn – in just a minute or two a day – what is happening in crypto and other game-changing ideas. As always: I...

15 Feb 20232min

What is ERC-20 Recovery? - Episode 359 - by cryptohunt.it

What is ERC-20 Recovery? - Episode 359 - by cryptohunt.it

What is ERC-20 Recovery? Welcome to the Cryptohunt Jam, where you learn – in just a minute or two a day – what is happening in crypto and other game-changing ideas. As always: In plain English. Coinba...

14 Feb 20232min

Is the US banning staking? - Episode 358 - by cryptohunt.it

Is the US banning staking? - Episode 358 - by cryptohunt.it

Is the US banning staking? Welcome to the Cryptohunt Jam, where you learn – in just a minute or two a day – what is happening in crypto and other game-changing ideas. As always: In plain English. Toda...

13 Feb 20232min

Populært innen Business og økonomi

lydartikler-fra-aftenposten
stopp-verden
dine-penger-pengeradet
rss-penger-polser-og-politikk
e24-podden
rss-borsmorgen-okonominyhetene
pengepodden-2
finansredaksjonen
livet-pa-veien-med-jan-erik-larssen
pengesnakk
utbytte
okonomiamatorene
tid-er-penger-en-podcast-med-peter-warren
morgenkaffen-med-finansavisen
liberal-halvtime
stormkast-med-valebrokk-stordalen
lederpodden
rss-politisk-preik
rss-markedspuls-2
lederskap-nhhs-podkast-om-ledelse