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 Okt 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.

Avsnitt(373)

How AI will revolutionize the way you learn - Episode 357 - by cryptohunt.it

How AI will revolutionize the way you learn - Episode 357 - by cryptohunt.it

How AI will revolutionize the way you learn 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 pl...

10 Feb 20232min

Google’s $100bn AI whoopsie - Episode 356 - by cryptohunt.it

Google’s $100bn AI whoopsie - Episode 356 - by cryptohunt.it

Google’s $100bn AI whoopsie 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. Goo...

9 Feb 20232min

Microsoft and Google are taking the gloves off - Episode 355 - by cryptohunt.it

Microsoft and Google are taking the gloves off - Episode 355 - by cryptohunt.it

Microsoft and Google are taking the gloves off 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...

8 Feb 20232min

How AI can fight discrimination online - Episode 354 - by cryptohunt.it

How AI can fight discrimination online - Episode 354 - by cryptohunt.it

How AI can fight discrimination online 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 E...

7 Feb 20232min

Why schools and universities are freaking out over ChatGPT - Episode 353 - by cryptohunt.it

Why schools and universities are freaking out over ChatGPT - Episode 353 - by cryptohunt.it

Why schools and universities are freaking out over ChatGPT 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. A...

6 Feb 20232min

How exactly is artificial intelligence threatening my job? - Episode 352 - by cryptohunt.it

How exactly is artificial intelligence threatening my job? - Episode 352 - by cryptohunt.it

How exactly is artificial intelligence threatening my job? 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. A...

3 Feb 20232min

Generative AI: What is it and is it coming for your job? - Episode 351 - by cryptohunt.it

Generative AI: What is it and is it coming for your job? - Episode 351 - by cryptohunt.it

Generative AI: What is it and is it coming for your job? 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 ...

2 Feb 20232min

Porsche's botched NFT - how to do it better next time - Episode 350 - by cryptohunt.it

Porsche's botched NFT - how to do it better next time - Episode 350 - by cryptohunt.it

Porsche's botched NFT - how to do it better next time 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 alw...

1 Feb 20234min

Populärt inom Business & ekonomi

framgangspodden
badfluence
varvet
rss-jossan-nina
rss-borsens-finest
rss-svart-marknad
uppgang-och-fall
rss-dagen-med-di
rss-inga-dumma-fragor-om-pengar
lastbilspodden
fill-or-kill
borsmorgon
avanzapodden
bilar-med-sladd
tabberaset
bathina-en-podcast
rss-veckans-trade
kvalitetsaktiepodden
rss-kort-lang-analyspodden-fran-di
svd-tech-brief