Last week I wrote an article about Bitcoins Proof of Work system. This week I will go over Proof of Stake.
What is Proof of Stake (PoS)?
Proof of Stake is a alternative to Proof of Work. In PoS cryptocurrency blocks are minted by those that own the coins instead of being created by miners. The more coins you own (stake) of a cryptocurrency the more likely you are to be chosen to forge transactions and be awarded transaction fee's.
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I think Peercoin is both POS & POW.