Qtum is a unique hybrid blockchain platform that combines the strengths of Bitcoin's Unspent Transaction Output (UTXO) model and Ethereum's smart contract functionality.
It aims to offer a secure and scalable infrastructure for developers to create decentralized applications and smart contracts.
Explanation of Proof of Stake (PoS)
Proof of Stake (PoS) is a consensus mechanism used in blockchain networks to validate transactions and create new blocks.
Unlike Proof of Work (PoW), which requires miners to solve complex mathematical problems, PoS selects validators based on the number of coins they hold and are willing to 'stake' as collateral.
Comparison of PoS with Proof of Work (PoW)
While PoW ensures network security through computational work, PoS achieves the same goal by leveraging economic incentives.
PoS is generally considered more energy-efficient and democratic than PoW, as it allows more participants to validate transactions and earn rewards without needing high-end hardware.