Ethereum 2.0:Ethereum 2.0 is a major upgrade for the Ethereum network, shifting the network to proof of stake (PoS) from the proof-of-work (PoW) model. Ethereum 2.0 aims improve the network's scalability, accessibility, and security.
Proof of Work Vs Proof of StakePROOF OF WORK: (I). Proof of Work (PoW) is a type of cryptographic proof in which one party (the prover) proves to another party (the verifier) that a certain amount of specific computational effort has been expended.
(II). All hackers need at least 50% of their total computing power to perform a attack.
(III). The probability of mining depends on the computational work performed.
(IV). Miners are rewarded for complex solutions to cryptographic problems.
(V). Requires powerful and modern mining equipment.
(VI). PoW is the original cryptographic consensus mechanism that appeared before PoS.
(VII). To achieve greater scalability, all nodes within a transaction are involved.
(VIII). This concept was invented in 1993 by Moni Naor and Cynthia Dwork.
(IX). Graphically how POW work
PROOF OF STAKE: (I). Proof of Stake (PoS) is a kind of consensus mechanism used to validate transactions on a blockchain.
(II). Hackers must own more than 50% of all cryptocurrencies on the same network, which is impossible
(III). The validity period of a new block depends on the size of the stake
(IV). Validators do not receive block rewards. Instead, it collects only network fees as a reward.
(V). Server level modules are required for efficient processing.
(VI). PoS is derived from PoW, but with some improvements.
(VII). The entire network is not involved in verifying each transaction.
(VIII). Proof of Stake was firstly introduce 2012 in PeerCoin
(IX). Graphically how POS work
Conclusion:(I). We got that POW is Power hunger while POS is environmental friendly
(II). In POW miner required expensive computer, graphic card etc to solve a mathematical puzzle to confirm transaction and add it into a block
While POS didn't required such kind of huge expenses
(III). POS will make the transaction faster and cheaper
(IV). Now in POS a small Ethereum holder even he didn't has mining plant can earn by joining Staking Pool
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