Can you guys explain what is proof of work & Proof of stakes or others?
& I also want to know how can I learn this?
In order for a miner to actually enter his block of transactions into the blockchain he will have to provide an answer, or a proof, to a specific challenge. This proof is difficult to produce but is very easily validated. This is known as Proof of Work.
For example – guessing a combination to a lock is a proof to a challenge. It’s very hard to produce this since you will need to guess many different combinations – but once produced it’s easy to validate. Just enter the combination and see if the lock opens.
One alternative suggested to the proof of work concept is the Proof of Stake concept. Rather than requiring a proof to a challenge, a proof of stake system requires to show ownership of a certain amount of money. Meaning the more Bitcoins you own the more mining power you have.
This eliminates the need for expensive mining rigs as calculations are pretty simple to prove you own a certain percent from the total amount of Bitcoins available. Just imagine that mining rigs have been replaced by coins, and if you own 1% of the total amount of Bitcoin available you can mine 1% of the transactions.
