Generally, PoS reduces energy consumption to a great extent compared to traditional PoW systems; hence, it is an eco-friendly consensus mechanism for blockchain networks. Miners compete in solving complex mathematical puzzles in Proof of Work, using immense computational power and electricity. The process is highly ineffective and not environmentally friendly, considering bigger networks.
The PoS designs get rid of the miners and replace them with validators, randomly chosen based on the sum they stake in cryptocurrency. Validators do not need to perform energy-intensive computations; instead, they carry out relatively lightweight processes that serve to validate the transactions and add a new block, hence drastically reducing the energy consumption required to keep the network up. This transition is in terms of reducing energy consumption by over 99%, just as it was the case with Ethereum 2.0 after the transition from PoW to PoS.
This makes PoS not just more energy-efficient but also more viable and sustainable for blockchain networks. Since the demand for decentralized applications keeps growing, as do DeFi and NFTs, these chains are able to scale up without harming the environment or accumulating huge operation costs.
Conclusion: Proof of stake brings energy consumption down dramatically, making it more ecologically viable and efficient compared to PoW.
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~ Nesaty
It is a great post of PoS energy consumption.
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