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A blockchain should not be a resource burden on the world, so there’s a growing trend among blockchain companies to move away from an energy-hungry Proof of Work (PoW) to Proof of Stake (PoS) as a more energy - efficient solution.
Proof of Work proves not to work
Bitcoin-like PoW chain uses computing power to secure the network, which requires large amounts of energy. By 2020 bitcoin transactions may consume as much electricity as Denmark! And it becomes more and more challenging for the average miner to make profit between advancing hardware and intense power consumption.
Proof of Stake — Is it the future?
On PoS blockchain value is held by addresses on a node. In the Centrality ecosystem, users lock up their CENNZ (as the stake) to participate in maintaining the security and integrity of the network. Their participation is then rewarded with spending tokens. Malicious behaviour could also result in participants being punished – so it pays to keep the promise of a good and honest maintainer.
At this meetup Aaron McDonald, CEO & Co-founder of Centrality, will explain why businesses are switching to Proof of Stake in a wider context, showcase how Centrality has implemented this in the upcoming CENNZnet launch and demonstrate how to rUN your own node and stake tokens to earn rewards
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