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  • What Is The Difference Between Proof Of Work And Proof Of Stake? A Look At Dogecoin And Big Eyes Coin

    Published on January 26, 2023

    Both Proof of Work (PoW) and Proof of Stake (PoS) are consensus processes used to protect and authenticate transactions on a blockchain network, but they operate differently.
    Validators in a PoW system employ their computing power to solve complicated mathematical problems known as hashes. The first miner to solve the challenge gets to add a block of transactions to the blockchain and is rewarded with a particular number of cryptocurrency coins. This is referred to as mining.

    In a PoS system, validators are chosen to produce new blocks based on the number of coins they possess or “stake” in the network, rather than miners employing processing capacity to solve mathematical problems. The more coins a validator possesses, the more likely it is that they will be picked to produce a new block. Staking is the term for this practice.

    In this article, I will be looking at Dogecoin (DOGE) and new cat-based meme coin Big Eyes Coin (BIG) as respective examples of proof of work vs proof of stake. Let the battle between dog and cat begin!

    Dogecoin: There’s A Good Boy!

    Dogecoin is a cryptocurrency that began as a joke in 2013, but has since grown in popularity. It employs a consensus process known as Scrypt proof-of-work (PoW), which is a hashing algorithm. Miners utilise their processing resources to solve challenging mathematical problems in order to validate transactions on the Dogecoin network in exchange for fresh Dogecoins. Tasty.

    Some investors are critical of Dogecoin’s proof of work (PoW) consensus technique.
    One of the primary objections is that PoW consumes a lot of energy since it forces miners to expend a lot of electricity to run the processing equipment that solves mathematical problems and validates transactions. This makes the mining of Dogecoin ecologically unsustainable.

    Another complaint is that PoW might lead to network centralisation as mining gets more difficult and expensive, making it more difficult for smaller players to participate. This can result in the concentration of mining power in the hands of a few major mining pools, which can have a detrimental influence on the network’s decentralisation.

    Can You Teach An Old Doge New Tricks?

    It is unknown if Dogecoin will ever use a proof of stake (PoS) consensus process. There has been no formal declaration or hint from the Dogecoin development team concerning intentions to migrate to a PoS system.

    It’s also worth mentioning that updating a blockchain’s consensus method may be a complex and difficult operation because it requires considerable modifications to the network’s underlying code and architecture. It would take a lot of community consensus and developers ready to take on the work. However, Ethereum’s switch from PoW to PoS is proof that it can be achieved.

    Big Eyes Coin: A Proof Of Stake DeFi Token

    Big Eyes Coin (BIG) is an example of a new meme coin that uses the PoS consensus mechanism, as it based on the Ethereum network. Big Eyes Coin not only aspires to reduce carbon emissions and energy consumption but also to actively benefit the environment by donating to ocean conservation organisations. Many investors are drawn to the idea of a meme currency with social utility – Big Eyes Coin has raised over $17.5 million in its pre-sale and continues to gain traction every day!

    You can earn a 200% bonus on each transaction if you use the promotional code LAUNCHBIGEYES200. Don’t miss out on this incredible opportunity to get yourself a massive amount of free tokens!

    Final Thoughts

    PoW is a computationally intensive method to secure a blockchain network, whereas PoS is less so by focusing on coin stakes or ownership. PoS cryptocurrencies, such as Big Eyes Coin (BIG), are gaining popularity due to their smaller carbon footprint and energy efficiency. Though PoS may result in greater governance in the network for crypto whales, the benefits of PoS outweigh the drawbacks. We think that PoS cryptocurrencies just might be the future of cryptocurrencies, as more attention is focused on the crypto industry’s carbon footprint. Dogecoin needs to adapt, or it may be at risk of being outdated and phased out, as new cats like Big Eyes Coin enter the market.

    Big Eyes Coin (BIG)

    Presale: https://buy.bigeyes.space/

    Website: https://bigeyes.space/

    Telegram: https://t.me/BIGEYESOFFICIAL


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