Approval mechanisms are an essential component of #blockchain technology. These mechanisms are responsible for verifying transactions and ensuring that they are legitimate before they are recorded on the blockchain. There are several different types of approval mechanisms used in blockchain, including Proof of Work (PoW), Proof of Stake (PoS), and Delegated Proof of Stake (DPoS).
Proof of Work (#PoW ): This is the most common approval mechanism used in blockchain technology. In this mechanism, miners solve complex mathematical problems to validate transactions. Once a miner solves a problem, they can add a new block to the blockchain, and they are rewarded with cryptocurrency.
Proof of Stake (#PoS ): In this mechanism, validators are selected based on the number of cryptocurrency tokens they hold. Validators are then responsible for validating transactions and adding them to the blockchain. Validators are incentivized by receiving transaction fees instead of block rewards.
Delegated Proof of Stake (DPoS): In this mechanism, validators are elected by the community to validate transactions and add them to the blockchain. The community can vote for their preferred validators, and those with the most votes become the validators. Validators are incentivized by receiving transaction fees instead of block rewards.
The choice of approval mechanism depends on the specific blockchain's goals and requirements. Each mechanism has its advantages and disadvantages, and it is essential to choose the right one for the specific blockchain's needs.
However, in #crypto2023 there are a lot of mechanisms that prevail. A detail of such new and more systematic approval mechanisms will be shared in a different article.
