This model is fundamentally different from the “proof-of-work” model used at present. “Ethereum’s POS model secures the blockchain through verifying transactions according to Ether holders’ stake in the token. It requires less computing power because it doesn’t reach consensus by having miners race to complete the same puzzle,” according to the article.
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Ethereum’s New POS System Aims to Reduce Energy Consumption By Orders of Magnitude
Ethereum founder Vitalik Buterin said he believes a new ‘proof-of-stake’ (POS) model could reduce the carbon footprint created by cryptocurrency mining. So reports Fortune.
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