How does Proof of Space work?

In Proof of Space, participants dedicate unused storage space on their hard drives to farm blocks. The space is used to store data, and farmers are rewarded based on the amount of storage they provide. The more storage space a participant offers, the higher the chance they have to secure a block and earn rewards.

What are the benefits of Proof of Space?

Proof of Space offers a more energy-efficient alternative to traditional mining systems like Proof of Work (PoW), as it requires less computational power. It also democratizes blockchain participation, as anyone with unused storage space can contribute to securing the network and earn rewards.

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What is PROOF OF SPACE (POS)?

Q: What is Proof of Space?

Proof of Space is a consensus algorithm in which participants provide disk space instead of computational power or cryptocurrency holdings to secure the network and validate transactions.

PROOF OF STAKE (POS)

Proof of stake (PoS) is a consensus mechanism where validators are chosen based on the number of coins they hold and are willing to 'stake' as collateral.

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What is PROOF OF SPACE (POS)?

PROOF OF STAKE (POS)

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