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I DO NOT PARTICIPATE IN PAID REVIEWS OR PROMOTIONS. IF YOU HAVE BEEN APPROACHED BY SOMEONE ON TELEGRAM CLAIMING TO BE A PART OF THE CRYPTO TIPS TEAM, THEY ARE SCAMMERS! Twitter: https://twitter.com/blockchainchick Instagram: https://www.instagram.com/realcryptotips/ LBRY: https://lbry.tv/@Crypto-Tips:b LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW: Video Suggestions: Is BTC Takeover Possible?: https://youtu.be/j-SZgbvPYa0 Without This, Crypto Won’t Survive: https://youtu.be/Jg-zk_Nhpq0 How Deflation Will Affect You: https://youtu.be/kBbBZXkOqgA Andreas Antonopoulos Greatest Hits: https://youtu.be/Goi4VdOnQBY Most People Won’t Say This About BTC Halving Event: https://youtu.be/VHeYKnSavxo How to Stake Your Coins (The Smart Way): https://youtu.be/n66Iz2-1-6Y Ethereum 2.0 is set to be released this July, it will be moving from Proof of Work to Proof of Stake. If you’re wondering what this change really means, this video will cover what Proof of Stake is, how it compares to Proof of Work. My next video will be covering what you can expect when ETH moves to POS and what you can expect to stake your ETH. For public, permission-less blockchains, anyone has the chance to partake in that system by way of propagating blocks and ultimately securing that blockchain. By doing so, they will reap the rewards, the block rewards from the block they successfully mined. By anyone I mean, it doesn’t matter what job you hold, where you live, or what your name is. Just because a blockchain is public and permission-less does not mean that there aren’t certain requirements that qualify you to do this. With Proof of Work blockchains, the requirement is simple, you need a fast, efficient computer, one that is fast enough to generate the correct proof before the next guy. If your computer can do this, you will have successfully mined the block faster than the others and you will receive the block rewards and the transaction fees associated with that block. This is one way a blockchain can run. The key here is generating proofs (this is where that phrase Proof of work and proof of stake come in) With proof of work, it’s the work your computer has put in that allows you to successfully mine a block. With Proof of Stake, it’s the amount of stake that you have that qualifies you to successfully mine a block. Like with Proof of Work, the faster, more efficient computer hardware you have the more likely it is that you will mine a block. With proof of stake, the more stake you have of that coin (the more coins you hold), or for some the longer you have held your coins, the more likely it is that you will mine a block. With Proof of Stake you will still need a computer running the software 24/7 BUT you aren’t competing with computing power, you’re competing with the amount of coins you hold. Additionally, according to mycryptopedia.com: With proof of stake, a validator generates a new block by sending a special type of transaction that locks up their deposit. This deposit (or stake) serves as collateral for the block generation process. If the validator attempts to cheat the system and validate fraudulent transactions, then their deposit is slashed. Validators that correctly validate blocks of transactions are returned their deposit and also collect the transaction fee for the validation process. In both types of consensus models, those mining have skin in the game, they have invested either time, computer hardware or straight up invested in that coin in order to take part in mining for that network. This is what keeps miners honest and incentivized to continue to play by the rules. If you’ve been curious about the centralization of mining of BTC in China or if a government can take it over for example, I encourage you to check out this video linked in the upper right hand corner, and can also be found down in the video description. Whether this logic also applies to proof of stake is highly debateable and I’ll leave it to you all down in the comments to have fun with that. But getting back to Ethereum and it’s upcoming switch to ETH 2.0 in July, if it indeed happens, it will be huge news. Especially considering that Ethereum is the second ranked crypto based on market cap, it is widely used due to its design to be integrated with countless dApps, and because it will enable holders of ETH to earn a passive income purely through staking. But that’s getting into what I will be covering in the next video. If you’re interested in seeing that one, be sure to like this video and subscribe to this channel so you don’t miss it!