Proof-of-stake is a mechanism for achieving consensus on a blockchain—a technology that records transactions that can’t be deleted or altered. It’s a decentralized database, or ledger, that is not controlled by any one person or organization. Since no one controls the database, consensus mechanisms such as proof-of-stake are needed to coordinate the operation of blockchain-based systems.
Scott Ruoti, assistant professor of computer science at the University of Tennessee, Knoxville, explains for The Conversation that while Bitcoin popularized the technology, blockchain is now a part of many different systems, enabling interesting applications such as decentralized finance platforms and non-fungible tokens, or NFTs. Read the full article on The Conversation.
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