What is PoW and PoS mining? Why BitherCash coin is scrypt based hybrid (PoW + PoS) coin?
Do you know what the mining is?
Proof of work — this is a mechanism to verify that the work (the calculation of the same mining) was still carried out. It is the principle of PoW that underlies the validation of transactions in the Bitcoin blockchain. Also, this consensus algorithm is used in dozens of other cryptocurrencies, in which there is a possibility of mining.
Proof of Stake is another mechanism where the reward is paid not for the work, but for the storage of coins. Literally, this term can be translated as proof of ownership. If the cryptocurrency uses this consensus algorithm, then transaction validation occurs through the nodes of the network. Roughly speaking, the more cryptocurrency a person has on his wallet, the more chances he has to find a new block and confirm the authenticity of the transaction, receiving a reward for it.
And what about BitherCash? It uses hybrid script (PoW + PoS) mining! It mean what:
- The software (wallet) is open source, so its safety can be audited
- It is extremely fast, you can send money to anyone in the world within seconds
- Based on Proof-of-Stake. No more power hungry mining hardware
- Anyone can run the wallet and transact with the same anonymity as Bitcoin, or better. No personal identifying information is required.
More information at our site http://bithercash.club