Proof of Work vs Proof of Stake vs Proof of Authority Explained | PoA vs PoW vs PoS Blockchain

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What is Proof of Stake? What is Proof of Work? What is Proof of Authority? Do they even matter? Well, Proof of Stake, Proof of Work, and Proof of Authority are commonly used terms within the crypto industry. All three concepts relate to the creation of transactions and the confirmation of blocks on the blockchain but each employs a different approach to achieve this goal. This video will help you understand the difference between the three (PoS vs PoW vs PoA) along with what makes each of them unique.
Video Walkthrough (PoA vs PoS vs PoW Blockchain),
0:00 Introduction
0:24 What are Blockchain Actors & their Role in Consensus
0:52 What is Proof of Work Explained
1:15 How Does Proof of Work Mechanism Works
2:58 What is Proof of Stake Explained
4:01 How Does Proof of Stake Works
4:46 What is Proof of Authority Explained
5:56 Proof of Work vs Proof of Stake Difference (PoW vs PoS)
7:01 Proof of Authority vs Proof of Stake Difference (PoA vs PoS)
7:45 Proof of Work vs Proof of Authority Difference (PoW vs PoA)
8:40 The Best: Proof of Work vs Proof of Stake vs Proof of Authority?
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#Blockchain #ProofofWork #ProofofStake #ProofofAuthority #BlockchainDeveloper #WhiteboardProgramming #BlockchainTechnology #LearnBlockchain #Crypto #Cryptocurrency

[@diptitiwariunofficial]

Thank you for the informative video!

[@learnwithwhiteboard]

Thanks Dipti for your love and appreciation ❤️👍

[@anantproductions1121]

Nice video! Thanks for sharing this 👍👍

[@learnwithwhiteboard]

It's a pleasure to be of help! 👌👌👍👍💯💯

[@arindamgupta3174]

Excellent!

[@learnwithwhiteboard]

Thanks Gupta ji for your love, support and appreciation ❤️👍 I’ll try my best and share more such quality videos

[@robertcavalli8015]

Very good job

[@drelijahmikail3916]

In proof of stake, 51% attack is impossible? explain that please.

[@learnwithwhiteboard]

In a Proof of Stake (PoS) blockchain network, a 51% attack, as it is commonly understood in Proof of Work (PoW) networks, is theoretically impossible due to the fundamental differences in consensus mechanisms between PoS and PoW. However, PoS networks can still face their own security challenges. In a PoW network, a 51% attack occurs when a single entity or a group of miners controls more than 50% of the network's mining power. This allows them to manipulate the blockchain by double-spending coins, preventing transactions from being confirmed, or even rewriting the blockchain's transaction history. This is possible because PoW networks rely on computational work (hashpower) to secure the network, and the majority of hashpower can dictate the blockchain's state. In contrast, PoS networks determine block validators based on the amount of cryptocurrency (stake) participants "lock up" as collateral to propose and validate new blocks. Here's why a 51% attack is considered impossible in PoS: 1. Economic Incentives: In PoS, validators have a significant financial stake in the network because they lock up a substantial amount of cryptocurrency as collateral. If they were to engage in malicious activities, like attempting a 51% attack, they would risk losing their staked assets. This strong economic incentive discourages such behavior. 2. Validator Rotation: PoS networks often employ a random or pseudorandom mechanism to select validators for each block. Validators are chosen in a way that prevents a single entity from controlling a majority of the validating power over an extended period. This rotation further reduces the likelihood of a single entity gaining undue influence. 3. Slashing: PoS networks typically include slashing mechanisms that penalize validators for dishonest behavior. Validators who attempt to double-spend or engage in malicious activities can have their staked assets partially or fully slashed, meaning they lose their collateral. While a traditional 51% attack is unlikely in a PoS network, it's important to note that PoS networks can still face other security challenges. For example, if a significant portion of the network's stake becomes centralized among a few large entities, it could lead to concerns about network centralization and potential collusion among validators. However, this is a different type of security issue from a 51% attack in PoW networks. In summary, the unique design of PoS consensus mechanisms, along with economic incentives, validator rotation, and slashing mechanisms, makes a traditional 51% attack impossible in PoS networks. However, these networks still have their own security considerations to address. Hope this helps!

[@prabjotsingh8440]

What do you think would be ideal for mass adaptation in terms of upcoming future? Would it be proof of stake, proof of work or proof of authority?

[@learnwithwhiteboard]

Hi Prabjot, like I mentioned in the video, Many developers believe that proof of stake is most ideal consensus mechanism, but I strongly back the belief that each mechanism has its own application and is situation specific, so they all should be use as per the situation requirements, be it PoA, PoW or PoS. Hope this helps!

[@TrungDao]

@@learnwithwhiteboard wrong, POS wins absolutely. Technology is not an antique that increases value over time. Almost POW projects disappeared, only Bitcoin on top 10. Future is POS as a mainchain, the other chains connect to the core as side chain, child chain, ....

[@frangan6684]

So do transactions on proof of authority chain need any gas fee?

[@learnwithwhiteboard]

We can set the gas price to 0 in PoA, and hence transactions will not have any cost as in majority PoA algorithms, there is no reward for making a block, we either give reward from initialization or not give it at all.

[@frangan6684]

@@learnwithwhiteboard thanks. I think it is worth mentioning. For example games where you can get lots of transactions needed for a player, having no gas fee is a very big deal. :)

[@bhavinpatil5322]

Its not 12.5 Bitcoin per transaction, it reduces in half every four year and as it started in 2009 so , after it in 2013 it was 6.25 , in 2017 it was 3.125 and now from this year it has come down to 1.5625 Bitcoin per transaction. Please make sure you forward right information Btw your videos are great and helpful to understand this waste information about crypto.

[@learnwithwhiteboard]

Hi Bhavin, you're right and this is what we call as bitcoin halving. Here's a relevant video: kzbin.info/www/bejne/e3rFcmikh9GIgKc

[@bhavinpatil5322]

@@learnwithwhiteboard Wow , I didn't think that you will see my comment and make a whole video on it , that was really amazing and I watched your video in which you have explained it very nicely. Also I'm impressed with your work. Keep it bro 👍

[@learnwithwhiteboard]

@@bhavinpatil5322 Hello my friend, it's you and people like you who make me, ME. And to be honest, your feedback keeps me motivated and helps me to share more value with everyone (that's why I say it at the end of every video) Thanks to you for being an amazing human, will try my best and share more valuable content! ❤️👍

[@vincedfr2013]

Hey, you're right it's not 12.5 BTC per transaction now, but you're wrong on the rest :/ In 2009 the block reward started at 50 bitcoins per block, then with the 3 halvings it reduces 50% each time and TODAY (since May 2020) it's 6.25 bitcoin per block (50 --> 25 --> 12.5 --> 6.25) ;)

[@learnwithwhiteboard]

@@vincedfr2013 Hi my friend, you're right and this is what we call as bitcoin halving. Here's a relevant video: kzbin.info/www/bejne/e3rFcmikh9GIgKc

[@sosweed]

good job!!!!

[@learnwithwhiteboard]

Thank you for your love, support and appreciation. I'll try my best and share more such quality videos with you. Cheers! ❤️👍

[@ant_cosacco1306]

in reality it is the PoW that is practically immune to 51% attack, and it is the PoS that is most vulnerable

[@learnwithwhiteboard]

PoW model is prone to 51% attacks. And to be honest, long touted as a threat for any cryptocurrency, the 51% attack is a concern when PoS is used, but it is very unlikely to happen in comparison to PoW.

[@kroolzrulezzah3024]

@@learnwithwhiteboard put the plz. Ahaha

[@portzir]

​ @Learn with Whiteboard gl trying to attack PoW. It's not like the other 49% are magically changing their code. It comes down to social behaviors and belief systems. Look at all the BTC forks. Also, you said at 2:47 that the complexity to solve the hash is proportional to the required computational power. Just a small linguistic difference but your statement suggests that the complexity is given and the computational power has to be oriented on that but it's more like the network is looking at the available computational power and therefore adjusts the difficulty

[@satviksingh6229]

Nice

[@learnwithwhiteboard]

Thanks Satvik for your love and appreciation ❤️👍💯

[@mayankrawat4685]

good video

[@learnwithwhiteboard]

Thanks Mayank for your kind love, appreciation and support ❤️👍

[@valeenoi2284]

Reading off a technical paper is not what whiteboard learning is about. Nobody can put POS in simple terms.

[@penzugyiszakember]

BTC already 6.25

[@learnwithwhiteboard]

Yes, you are right. Its called Bitcoin halving, here's a video that explains the same kzbin.info/www/bejne/e3rFcmikh9GIgKc