1 What is POS & POW?
2 Difference Between POW and POS
As we already stated that both of them have also the same type of application in Blockchain technology, but still there is a big difference between both of them to work the same work with different reliability and access of algorithm of whole Blockchain.
POW: It is the old technology of Blockchain and it needs high performance and high power consuming hardware to operate the function of Blockchain to solve puzzle/problems.
POS: It is a new technology of Blockchain and it needs a better algorithm of programming to solve the puzzle/problem of Blockchain.
So here we can see that both of them doing the same work but with a different way, one of them doing that work with hardware and another with the help of software programming.
3 Which is better POW or POS?
Here POS is a type of implementation in the technology of Blockchain by replacing the POW.
So here the question is “Why we replaced POW by POS”
The answer is simple, POW is based upon hardware, so it needs lots of electricity consumption but POS is based upon the programming system mostly, so it doesn’t need much electricity.
4 Main Advantage of POS over POW
As every one of us knows that in Blockchain technology the process of data totally remains out of control from the owner’s hand, so it called it decentralized.
But in actual it is not true in case of POW technology , because according to details ( that we have in the present time) if anyone having 51% data numbers ( token or coin based upon POW technology ) then he can change the values in algorithm of Blockchain i.e which is a risk factor for another people who are holding rest of data value (49% or less ) .
But in case of POS technology, owner can’t do that same as in POW , And if anyone will try to change the data in POS system then there exists a high % of risk that the person can lose his token/coin in the Blockchain, so surely he will not try to do such type of activity .
And also every person who can hold a particular amount ( specified by the creator ) can make particular % of earnings by supporting the system online by synchronizing the core wallet, which is known as Stacking Reward.
5 POW and POS using Cryptocurrency:
POS-based Cryptocurrencies are Dash, Neo, PIVX, NEBLIO, REDD, QTUM, OKcash, NAV, Stratis.
POW-based Cryptocurrencies are BTC, DNR, BZL coin, VRT, Tin coin, and many more old coins.
Conclusion: As we know by many points of view POS is better than POW, so old coins are going to shift in POS.