proof of stake
PROOF uv STAYK
pruːf əv steɪkListen
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Dictionary meaning
a blockchain consensus mechanism in which validators are chosen to create new blocks and confirm transactions in proportion to the amount of cryptocurrency they have staked as collateral, rather than through competitive computational work as in proof of work; validators who behave dishonestly risk having their staked funds destroyed through a process called slashing, creating a strong economic incentive for honest participation; proof of stake consumes far less energy than proof of work because it does not require the continuous operation of specialised mining hardware; Ethereum transitioned from proof of work to proof of stake in September 2022 in an event known as the Merge, reducing its energy consumption by approximately ninety-nine percent and establishing proof of stake as the dominant consensus mechanism for major blockchain platforms
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