Proof of Work (PoW) vs. Equity Proof (PoS)

Comparison of Energy Efficiency Part 2

Aim to activate ESG activities for the future of the earth.

Blockchain requires consensus algorithms to keep distributed transaction history safe. The proof-of-work method is the most widely used consensus algorithm in early blockchain networks. For the first time, Bitcoin was developed through a proof-of-work method, which involved mining users creating blocks and receiving rewards for solving complex mathematical problems through computing power. However, this approach requires a huge amount of computing power, and as a result, it consumes a lot of energy. On the other hand, the equity proof method is a consensus algorithm developed for the next version of the blockchain. Instead of using computing power to mine, it is a mining method that receives compensation according to factors such as assets and shares held. This algorithm requires a relatively small amount of computing power compared to the proof-of-work method, so it is much more energy efficient.

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