Ethereum 2.0, the long-awaited upgrade that is set to merge with the Ethereum mainnet, is all about proof of stake.
Proof of Stake on Ethereum 2.0 and Proof of Work are both actually working for the same cause, which is to securely verify transactions on the blockchain, but with different approaches. In order for validators to verify transactions in a block in proof of stake, they are required to stake at least 32 ETH that they can’t spend. The locked-up crypto will then be used by the blockchain to secure the network.
Here are some of its advantages over proof of work.
It uses far less energy than proof of work due to lower hardware requirements.
What’s more, since earning rewards is no based on computing power, more people can participate in running nodes, which will allow for more resistance to ‘51% attacks’ and more importantly, further decentralization.
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