Overview of "Consensus" - Crypto Whiteboard 101

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Avatar for The.Part.Time.Economist
2 years ago

I this video, we will take a look at "consensus", which is the process by which cryptocurrency networks accept new transactions and agree upon the state of the blockchain. We will also briefly discuss the difference between the two leading consensus mechanisms: proof of work and proof of stake.

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Like this short overview of PoS vs. PoW. Do you know how much better PoS is comparing to traditional payment systems. We know now PoW is slow and with Ethereum state leads to troubles , but can there be same issues with PoS blockchains? Are there mechanisms to to protect from high transaction costs ?

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2 years ago

Thats a good question. Although I'm NOT a technical expert, I don't think that the slow speeds are inherent to PoW. For example, both BCH and ETH use PoW, but BCH transfer fees are quite quick with low fees. I think that both PoS and PoW have the same capability so have low fees and quick speeds, and they both have the capability to have high fees and slow speeds. It really just depends on the specific coin and how the PoS/PoW is implemented.

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2 years ago