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.

A term that describes anything that appears to be characterized by randomness and unpredictability but has a known origin.

Pseudorandom is the term used to describe tangible or digital objects that have random elements or functions, even though this randomness is not authentic. The concept arises from random numbers which have no pattern whatsoever, and the spin-off of these numbers, pseudo-random numbers which also have no discernible pattern but can be traced back to a deliberate beginning or source.

The main difference between anything random and pseudorandom is that the latter can be repeated and has far more predictable outcomes than the former.

Attendance sheets for crypto users, usually with collectibles as rewards for being present at events.

The Proof of Attendance Protocol (POAP) is an Ethereum protocol that is used to record and reward users’ attendance of events. The protocol designs these rewards which are in the form of collectibles, usually non-fungible tokens (NFTs), and distributes them to the attendees as ERC-721 tokens. These NFTs are freely distributed and are the equivalent of concert tickets with the added attribute of being unique and tradable.

POAP NFTs are used to motivate users for crypto events. Because they are free, such [virtual] events are largely seen as opportunities to earn free tokens which can then be traded in NFT marketplaces.

Proof of Stake (PoS)

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