tag: proof-of-stake

What is the use of Proof Of Work and Proof Of Stake algorithms?

The Ethereum project is in the process of getting rid of the Proof Of Work Algorithm. We’re going to see a Proof Of Stake algorithm running at a significant scale (Casper). But what are these Proof Of Work and Proof Of Stakes algorithms? What are they used for exactly? And are they important? In the three pillars of the Blockchain, I described the core components of Distributed Consensus: P2P protocols enable the creation of an organic network of machines.