Like low-cost and environmentally sound NFT’s? You have a place now. Like cheap fees with a focus on sustainability and security? You have a place now. Want to conduct your STO and not succumb to a potentially massive financial loss based on a bad contract? You have a place now.
These items described are a reality, these are facts which do not care about your feelings. Items described here exist now, they’re not “coming soon”, “a few months away”, and vice versa.
Get the gist?
Great, now lets circle towards “the vision”.
Merriam Webster defines the word vision as; “a manifestation to the senses of something immaterial”.
When we look across the board, the Proof-of-Stake space is still quite nascent and does not account for a significant majority of the entire cryptocurrency space. The space is primarily dominated by Proof-of-Work, which Bitcoin and Ethereum count for the underlying majority of capitalization as PoW-based networks.
So, how exactly do these two differentiate from each other?
Proof-of-Work relies on electricity usage (power), that is a specific type of hardware in most instances that outputs processing power derived from electricity consumption to secure and validate new transactions on the network. Namely, this is present within Bitcoin and Ethereum today.
Proof-of-Stake however, relies on network participants’ number of coins/tokens (stake) to secure and validate new transactions on the network. This model is present within Tezos, Cosmos, and Avalanche namely. For the comparison on energy consumption as opposed to PoW, be sure to read this post