FxWirePro- Blockchain glossary for beginners (Proof of work vs Proof of Stake)

Proof of Work is a consensus mechanism used in the bitcoin network.  In the decentralized network, someone should confirm the transaction without the involvement of a third party. Each node of the network will calculate the hash value of the block header. The consensus is achieved when a calculated value is equal to or smaller than the target hash. Miners who do this can add new blocks and receive rewards.

Proof of Stake- It is an energy-saving alternative to Proof of work. The Participants are allowed to add a new block based on the number of coins a validator stakes. The validators receive transaction fees after new blocks are added.