Proof-of-X

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General

Goal: Secure updating of a state

Block time: trade off between time


Proof of Work

  • Right to create new block: be the first to solve a puzzle based on consumption of a resource external to the system
  • Miners choose one of all possible forks to contribute to (or splits among chains but with reduced efficiency per chain)

Light Clients

Advantages

Disadvantages

Proof of Stake

Light Clients

Advantages

Disadvantages

  • Nothing at stake: Miners (voters) can vote on all forks of a blockchain