Proof of Stake
Proof of Work
Proof of This
If you're new to web3 (or maybe if you already here for quiete long time) you might still wonder what is that things mean ?
I Believe if you want go deep in web3, you have to understand some basics theory. And in my personal learning this is what i get and what i can share. Please CMIIW if i give misleading information. I'll try to explain with the easiest terms possible and without further ado let's dive in to my first episode of #EducationalPost
1. Blockchain
As the name goes, block and chain. It's basically a Box of Information that connected each by each so that the Information from the previous block is accesible and valid to the next block.
The good things about web3 is the decentralization. No central server needed, a transaction will be verified by validator. Oh wait.. what is validator?
Every blockchain needs validator, validator is the one who make "block" in blockchain, and in order to create this, they need to "verified" some complex mathematical function to prove that a transaction is valid. After that the validator will be rewarded by token or gas fee. This process simply stated as mining.
There could be 10, 20, 30, 100, or even more validators in a blockchain. From that numbers of validator, which one will do the verification? which one will be rewarded ? Then this questions lead us to a terms called "Consensus Mechanism"
2. Consensus Mechanism
As for this time of writing there are at least 5 Type of Consensys Mechanism :
1. Proof of Work (BTC)
2. Proof of Stake (ETH)
3. Delegated Proof of Stake (Celestia, Dym)
4. Proof of History (Solana)
5. Proof of Liquidity (Bera👀)
Each one of this make their "own rules" in validating a transaction.
Simply explain a Proof of Work is where validators competing to solve the Mathematical Functions of a txn by using a Gigantic, Smart, Super Computer. The higher the specs, the higher the chances of a validator to claim the Proof Of Work reward. This is why you see bitcoin miners use a super computer.
leave like and follow for 2nd part 😊
