RE: The first phase of the Steem FAQ and Wikee: Consolidation of Knowledge by gikitiki

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@alexgr · Aug 19 '16

Blockchains will typically require some kind of mechanism to establish consensus. Proof of Work and Proof of Stake are such mechanisms. 

In Proof of Work the requirement in order to "extend" the chain of the blockchain with new and validated transactions, is to prove that one has sufficient processing power. A process called "hashing" is used for this purpose. 

In Proof of Stake, the stakeholders of the currency assume the role of extending the chain and validating the transactions.

👍 minion

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