EXPLORING THE ADVANTAGES OF THE PROOF OF STAKE CONSENSUS MECHANISM.

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Good day to you all members of this community, this is a new community and this will be my first post and I must say it is a pleasure, today, this post which I have made is going to be discussing and exploring some of the advantages of the introduction and creation of the proof of stake consensus mechanism and underlying how it leads to an advancement in the blockchain network.

But before I dive into it and begin to explore the advantages I would like to briefly talk about or discuss the proof of stake consensus mechanism; well basically the proof of stake consensus mechanism is a type of consensus mechanism and over the years there have been development and introduction of many consensus mechanisms, but what even is consensus mechanism?

Consensus mechanism are algorithms which are used and designed in the blockchain so as to ensure that there is an agreement among the different nodes on the state of the blockchain network therefore, the proof of stake consensus mechanism is a consensus mechanism that chooses and employs individuals who stake a certain amount of tokens in the network to secure and validate transactions.

IT IMPROVES BLOCKCHAIN SECURITY

The first advantage of the proof of stake consensus mechanism to the blockchain network over the other consensus mechanism is that it facilitates and leads to the enhancement and improvement of the security strength and robustness of blockchain networks, the proof of stake operates in way that it rewards validators for the service of securing and validating transactions and by so doing the integrity and honesty of the network is ensured.

Additionally, the fact that in a blockchain network that has adopted and operates on the proof of stake consensus mechanism the network validators also share in the risk and consequences of security breach of network compromise and will likely if not definitely loose their staked cryptocurrency and tokens we can be sure that that will serve as a enough incentive for them to ensure improved security of the blockchain network.

Apart from that, it not only incentivize them to improve and enhance the blockchain network but it also discourages them from personally involving in any activities or taking any action that can directly lead to the compromise of the blockchain network mainly because they have a lot at stake.

ENERGY EFFICIENCY

Another benefit and advantage of implementing the Proof of Stake consensus to the blockchain network is that it provides a solution to the issue in which the prior consensus mechanism had the proof of work consensus mechanism which had consequences that are of grave concerns to many, the proof work consensus mechanism consumed a lot of energy and as such was deemed not environmentally friendly or sustainable.

That is where the proof of stake consensus mechanism comes in seeing as it consumes very low energy when compared to the proof of work consensus mechanism because unlike the proof of work which employs on miners who validates transactions by competing amongst each other to solve puzzles which requires computational efforts the proof of stake just depends on validators.

IT REDUCES THE RISK OF CENTRALIZATION.

Another advantage and benefit of the proof of stake consensus mechanism to the blockchain network is that the way it operates helps to mitigate and reduce the risk of centralization of blockchain network, this risk was higher with the proof of work consensus mechanism but is not as high with the proof of stake consensus mechanism.

Basically, the way the proof of work consensus mechanism operates leaves the blockchain network prone to the threat and risk of centralization seeing as it gives mining power and authority to a few entities known as miner but by choosing network validators based on the amount of cryptocurrency they stake in the network,

Just like the proof of stake consensus mechanism does it, makes the number of people participating in the security and validation of transactions more and the power and authority will be distributed and not focused therefore, doing so practically reduces the risk of centralization.

REDUCED BARRIER OF ENTRY

Another advantage of the proof of Stake consensus mechanism to blockchain networks is that it lowers the barrier and makes at least a little bit easier than the proof of work consensus mechanism for individuals to gain power, authority and participate in validating transactions and securing the block chain networks seeing as it does not require interested users to have or buy expensive computers or hardwares for mining.

On the other hand, in the proof of stake consensus mechanism to become network and transaction validators one simply has to stake a certain amount of cryptocurrency or token in the blockchain network, this method encourages engagement and participation just like in steemit the more your steem power the more eligible you are to receive responsibilities in the platform.

CONCLUSION

In conclusion, the proof of stake consensus mechanism offers a wide range of advantages and benefits that makes it stand out and preferable to the proof of work consensus mechanism, I have discussed today four advantages of the proof of stake consensus mechanism to the blockchain network, the proof of stake consensus mechanism facilitates a more secure and effective blockchain network.