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https://youtu.be/n66Iz2-1-6Y Ethereum 2.0 is set to be released this July, it will be moving from Proof of Work to Proof of Stake. If you’re wondering what this change really means, this video will cover what Proof of Stake is, how it compares to Proof of Work. My next video will be covering what you can expect when ETH moves to POS and what you can expect to stake your ETH.
For public, permission-less blockchains, anyone has the chance to partake in that system by way of propagating blocks and ultimately securing that blockchain. By doing so, they will reap the rewards, the block rewards from the block they successfully mined. By anyone I mean, it doesn’t matter what job you hold, where you live, or what your name is.
Just because a blockchain is public and permission-less does not mean that there aren’t certain requirements that qualify you to do this. With Proof of Work blockchains, the requirement is simple, you need a fast, efficient computer, one that is fast enough to generate the correct proof before the next guy.
If your computer can do this, you will have successfully mined the block faster than the others and you will receive the block rewards and the transaction fees associated with that block.
This is one way a blockchain can run. The key here is generating proofs (this is where that phrase Proof of work and proof of stake come in) With proof of work, it’s the work your computer has put in that allows you to successfully mine a block. With Proof of Stake, it’s the amount of stake that you have that qualifies you to successfully mine a block. Like with Proof of Work, the faster, more efficient computer hardware you have the more likely it is that you will mine a block. With proof of stake, the more stake you have of that coin (the more coins you hold), or for some the longer you have held your coins, the more likely it is that you will mine a block. With Proof of Stake you will still need a computer running the software 24/7 BUT you aren’t competing w
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