Is there anyway for someone to explain this in not so technical terms, the pros and cons of both of these and what they are?
From my understanding:
POW (proof of work) is bitcoin Coin being mined through mining rigs using computers. The first computer that finds the answer distributes it to the network and it is added to the blockchain and the miner gets a reward. So the proof of work is the computer computation.
POS (proof of stake) is bitcoin Coin being mined staking that coin over an arbitrary amount of time. You hold the coin and get more of that coin, because you hold it.
Is this correct?
I did some edits on your quote and your understanding is correct.
Let me come to Pros and Cons.
POW: It is costly method as you need Hardware(sometimes specialized also)and lot of electricity is used.
For Network big like Bitcoin, 51 % attack cost is too high but for some new coin where network is not so big (or do not have many miners)
51% attack can be successfully executed.
It make coin fully decentralized and anybody is free to mine.
POS: It is cheap method and no specialized hardware is required. Electricity requirement are also minimal.
One who has large stash of the coin will get big share, making rich more richer.
If coin holders want to keep somebody out of network they are able to do so by not distributing there coins outside their network.
Great writeup. I'd also just want to add POS also encourages holding