What is POW and POS ?

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What is Proof-of-work (POW) ?

Ans. The first timestamping scheme invented was the proof-of-work scheme. The most widely used proof-of-work schemes are based on SHA-256 and scrypt. The latter now dominates over the world of cryptocurrencies, with at least 480 confirmed implementations.

Some other hashing algorithms that are used for proof-of-work include CryptoNight, Blake, SHA-3, and X11.

What is Proof-of-stake (POS) ?

Ans. Some cryptocurrencies use a combined proof-of-work/proof-of-stake scheme. The proof-of-stake is a method of securing a cryptocurrency network and achieving distributed consensus through requesting users to show ownership of a certain amount of currency. It is different from proof-of-work systems that run difficult hashing algorithms to validate electronic transactions. The scheme is largely dependent on the coin, and there's currently no standard form of it.

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