Proof of Stake? Does That Have Anything To Do With Dracula Coin? (Explain Like I’m 5)

Robin Bloor
Jun 8, 2018 · 4 min read
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Belshazzar’s Take Away

So, Cryptoman, I keep hearing about “Proof of Stake.” What Does That Mean?

So there are two ways to do that?

How many are there?

I thought you knew everything.

Are they all called “Proof of Something”?

Why didn’t everyone just stick with Proof of Work?

But isn’t that cost paid for by issuing new coins?

So it’s not a cost, is it?

But you pay them with new crypto that appears out of the air from nowhere. It’s like a David Copperfield trick.

And what’s reason #2 why Proof of Work is no good?

And that’s Proof of Stake, right?

Mama didn’t raise no stupid children.

So how does Proof of Stake work?

What do you mean “partly”?

There’s nothing surer, the rich get richer, and the poor get poorer?

And what’s good about Proof of Stake?

And how much cheaper is it?

Do any cryptos use Proof of Stake?

Which ones?

What does Ethereum use?

So a crypto can change its consensus mechanism?

And if they don’t?

If Proof of Work is expensive, and Proof of Stake is cheaper, will all the coins move to Proof of Stake?

And Proof of Stake has nothing to do with Count Dracula?

Bloor Group

The Bloor Group is a media-savvy technology analysis…

Robin Bloor

Written by

is a technology analyts with a 30 year pedigree. He is also a frequent blogger, a published author and an advisor for Permission.io,

Bloor Group

The Bloor Group is a media-savvy technology analysis business located in Austin Texas. It delivers the goods on corporate IT

Robin Bloor

Written by

is a technology analyts with a 30 year pedigree. He is also a frequent blogger, a published author and an advisor for Permission.io,

Bloor Group

The Bloor Group is a media-savvy technology analysis business located in Austin Texas. It delivers the goods on corporate IT

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