The consensus mechanism used to confirm block transactions on blockchain networks, and dependent on staking.
Proof of Stake (PoS) refers to the innovative mechanism in crypto space which allows users to validate transactions themselves. Compared to the proof-of-work (PoW) mechanism which relies on miners solving cryptographic algorithms, PoS as a concept is closer to the traditional framework of distributed responsibility. As a result, PoS requires lesser operating power and leads to lower cost and environmental implications. However, to validate transactions, a user needs to stake coins after which they become validators.
PoS was designed to cover the lapses of PoW, especially with reference to intense computational requirements. Furthermore, because the transaction validation process is shared among users rather than dedicated miners, the network awards them transaction fees.