Proof of Stake (PoS)
By CoinGecko | Updated on Mar 03, 2020
Initially designed to address the massive energy consumption. Rather than requiring miners / validators to spend resources on energy computational infrastructure, Proof of Stake is a consensus algoritm elects block validators to sign blocks based on the stake weight (an aggregate of how much token was staked and the length of time staked) of each validator.
Related Terms
Cold Storage
Offline storage of cryptocurrencies which is arguably safer as they also require physical access (eg. hardware wallet, paper wallets)
Gas
A unit of measurement of the computational effort in conducting transactions or smart contracts on Ethereum blockchain.
Explain Like I'm Five (ELI5)
To explain in such simple terms that even a five-year-old would be able to understand it.
Composability
Composability refers to the ability to combine different components of a software stack.
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