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Add section on Blockchain Consensus Protocols (#31435)

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Add the two most well-known protocols, Proof of Work, and Proof of Stake.
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Justin Thomas
2018-12-08 13:53:56 -05:00
committed by Christopher McCormack
parent 5e4ce8bb70
commit 7b68723cf5
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guide/english/blockchain/cryptocurrency/index.md
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@ -113,6 +113,14 @@ Artist have to deal through intermediaries to get your work sold. This can be so
There are many more ways that cryptocurrency is changing aspects of our lives; ranging from economic to social. As crypto gains popularity more and more uses will come into the world of Cryptocurrency. There are many more ways that cryptocurrency is changing aspects of our lives; ranging from economic to social. As crypto gains popularity more and more uses will come into the world of Cryptocurrency.
## Consensus Protocols:
#### Proof of Work:
In this more well-known protocol, miners compete with each other to solve a math problem first and to be rewarded with a cryptocurrency reward for their work in securing the network. When a math problem is solved, a new block full of transactions gets added onto the blockchain. Bitcoin operates on a proof-of-work algorithm.
#### Proof of Stake:
In proof of stake, the network is secured via network participants staking or wagering their coins. If network participants misbehave, they will lose the coins that they staked. As a reward for properly securing the network, stakers will periodically receive a small amount of coins relative to how many coins they put up for staking. Instead of competing to solve a difficult math problem to validate blocks, block validators under proof of stake are randomly chosen. Proof of stake is typically significantly less energy-intensive than proof of work.
### Background History on Origins of Cryptocurrency: ### Background History on Origins of Cryptocurrency:
[Blockchain Origins Story](https://www.activism.net/cypherpunk/manifesto.html) [Blockchain Origins Story](https://www.activism.net/cypherpunk/manifesto.html)