What is proof-of-stake? A computer scientist explains a new way to make cryptocurrencies, NFTs and metaverse transactions
Prof. Scott Ruoti briefs us on yet another new component in Digital Ledger Technology. Proof-of-stake is a mechanism for achieving consensus on a blockchain. Blockchain is a technology that records transactions that can’t be deleted or altered. It’s a decentralized database, or ledger, that is under no one person or organization’s control. Since no one controls the database, consensus mechanisms, such as proof-of-stake, are needed to coordinate the operation of blockchain-based systems.