Ever heard of blockchain consensus mechanisms? Every crypto user, be it a rookie or expert, has at least heard the term consensus mechanism. Consensus mechanisms are systems set in blockchains to secure the network by ensuring that only responsible parties add new transactions. The two most popular consensus mechanisms are Proof of Work and Proof of stake. PoW came about by the launch of Bitcoin, but experts discovered that it consumes massive amounts of resources. Hence, PoW was deemed inefficient for new chains. Now came the rise of PoS. In PoS, the network allows participants to hold some stakes in the native currency and participate in authenticating and validating transactions. PoS is considered an energy and cost-efficient consensus mechanism. After the first introduction of PoS, other projects followed with their versions. Today, the guide discusses three of the most prominent blockchains using PoS, answering the question of who will win the race. Understanding Ouroboros Cardano’s PoS Cardano is one of the largest blockchain networks today. This network was founded in 2018 to provide solutions that the Ethereum network was never able to. At launch, Cardano desired to use PoS as its primary system to strengthen and sustain the network. However, Cardano first did thorough research, creating a new PoS system called Ouroboros. Ouroboros is the first consensus algorithm developed after thorough peer-reviewed research. Ourobo...
