I know Bitcoin is running on a proof of work consensus algorithm. Recently I discovered proof of stake by reading up a bit on Cardano and Ethereum's 2.0 plans.
What is the difference between these two, how does POS reduce the energy required to mine a block transaction and are either of these more secure than the other? Basically what are the pros and cons of each.
Also if POS consumes less energy, then wouldn't it be a good idea for Bitcoin to transition to a POS algorithm?
What is the difference between these two, how does POS reduce the energy required to mine a block transaction and are either of these more secure than the other? Basically what are the pros and cons of each.
Also if POS consumes less energy, then wouldn't it be a good idea for Bitcoin to transition to a POS algorithm?
Yes , it would be, but bitcoin cult members can't grasp that, for some reason it destroys their dogma,
kind of the same way they refuse to do anything to improve onchain transaction capacity.
Asking that question here and you get a slanted one-sided replies, PoW good, PoS bad,
but if you want the truth look at coins such as Cardano and Algorand, PoS V3 blockchains,
their performance and cost & energy efficiently exceed bitcoin by leaps and bounds.
All one has to do is look at the majority of new coins and no one bothers with outdated Proof of Waste anymore.
Biggest question is how long can a Country or State, continue to support an ever growing PoW energy drain before their power grid collapses.
China wisely banned all Bitcoin PoW Mining to protect their power grid and their people,
Texas has foolishly taken up the slack, and could suffer a fatal power grid collaspe this winter thanks to being suckered into allowing Bitcoin PoW Mining.
You can monitor Texas power grid here: http://www.ercot.com/
Within 1 - 2 years, Texas will also be forced to decide save their power grid and their people, or rolling blackouts until the total grid failure occurs all for the sake of bitcoin PoW miners.
There's alot of fud and lies in your statements. Do you happen to be affiliated with the state of china perhaps? The attempt to frame bitcoin as a cult is number 1 the lie about china banning bitcoin to save power grids is 2. if Texas has a power grid issue with the large scale miners you would think something would be said Prior to them setting up eh? lots of Private grids in Texas. They are weird like that letting the free market decide.
Which is what bitcoin does. Free market. Coins like cardano are based on things that haven't even been invented yet. Like common sense oracles(currently no such thing) how can you create a contract about a job to rake a lawn is 1 the oracle doesn't know what a lawn is. 2 what its supposed to look like or if the jobs done correctly to satisfaction. its totally subjective to human perceptions. thus a very limited coin imho.