When it comes to consensus mechanisms, Proof of Work (PoW) and Proof of Stake (PoS) are without a doubt the most common. Let's take a look at the difference between the two.
As of December 2021, the top 4 mining pools together control around 50% of the total Bitcoin hashing power. The domination of mining pools makes it more challenging for individual crypto enthusiasts to mine a block on their own.
The Proof of Stake consensus mechanism takes a different approach and replaces mining power for staking. This mechanism lowers the barriers to entry for an individual to confirm transactions, reducing the emphasis on location, equipment, and other factors. Your stake is simply determined by the amount of tokens you have.
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