Eth 2.0 is live. As of 12am UTC on Tuesday, 1 Dec, the first stage of Ethereum’s evolution into a Proof of Stake (PoS) blockchain has now begun. If PoS sounds familiar, that’s probably because Loki has been full PoS since the Salty Saga hardfork back in October.
But what is Proof of Stake, anyway? And why is it such a big deal?
Proof of Work, work, work, work, work, work…
All blockchains rely on something called a consensus mechanism to confirm transactions as valid and enter them into the blockchain. There are a handful of different consensus mechanisms in use, but the two most common types are Proof of Work and Proof of Stake.
Until now, the primary version of the Ethereum blockchain has been based on a Proof of Work (PoW) consensus mechanism. PoW is most commonly known as mining. Fundamentally, “mining” crypto through PoW means competing with other miners to solve mathematical problems. The first worker to provide a valid solution attaches that solution — the literal proof of work — to a “block” of crypto transactions, marking those transactions as valid and adding them to the blockchain. That miner then receives the block reward (a certain amount of that blockchain’s crypto) for validating that block, and the process begins again.
But PoW has a few fundamental limitations that hold back PoW-based blockchains.
For one, PoW on most blockchains has a significant hardware barrier to entry. Back in the early days of Bitcoin, mining BTC was as easy as firing up a mining tool on your GPU and letting it run. These days, that’s still technically true — but now you’re competing with massive server farms full of ASICs (specialised processors designed purely to mine BTC), making it enormously difficult for normal users to participate in the ecosystem.
Another issue with PoW is power consumption. As we talked about here, PoW crypto mining is a huge power sink. In 2017, Bitcoin mining alone used over 30 terawatts of power globally — that’s more electricity than the entire country of Ireland consumes in a year. Not only does this cause local issues like electrical grid brownouts and blackouts, it’s also a serious environmental problem on a wider scale.
Proof of Stake: Stakin’ for that bacon
So, PoW has some problems. But what’s the alternative? You guessed it — Proof of Stake, as featured in Loki’s very own Salty Saga hardfork 2 months ago, and now the core building block of Eth 2.0.
In a Proof of Stake blockchain, you can stake (lock up) a certain amount of crypto — the staking requirement — in order to run a node on that blockchain’s network. Once your node has been staked, it has a chance of being chosen to create blocks of transactions (and earning the corresponding block reward by doing so). PoS blockchains typically place staked nodes into an ordered queue, ensuring that nodes receive block rewards regularly (the exact time between rewards varies proportional to the number of nodes on the network).
Proof of Stake has some serious benefits compared to PoW. PoS ensures that anyone who can afford the staking requirement (and a few dollars per month for a VPS) can run a full node on the network with a reward rate (typically) significantly higher than rewards earned from investing the same amount into mining hardware.
At the same time, requiring node operators to own and stake an amount of crypto ensures that all node operators have skin in the game: every operator is also a holder of the blockchain’s token, incentivising them to work to increase the token’s value.
PoS can also provide a high level of resistance to Sybil attacks and 51% attacks. Such attacks involve one person or entity gaining control of the majority of computing power on a blockchain network, enabling the attacker to create an alternate history of transaction blocks which will be accepted by all blockchain nodes because that alternative chain has more PoW behind it than the real chain. A PoW-based blockchain will always theoretically be vulnerable to a Sybil attack, because anyone with access to sufficient computing power could reverse old transactions by reorganizing the blockchain. In a PoS blockchain, however, controlling the majority of nodes on the network requires controlling at least as much of the total crypto supply as is already staked into existing nodes. If a sufficiently large amount of that crypto is already staked into existing nodes, such an attack becomes near-impossible.
Eth 2.0 and Proof of Stake: Looking forward
Loki and Eth are both going all-in on PoS (though Eth 2.0 won’t be fully operational until sometime in 2022). A huge project like Eth throwing its weight behind PoS is a massive vote of confidence, and yet another confirmation that Loki made the right call with our switch to PoS back in October.
So what does this mean for you? In a nutshell: better, more secure blockchains that are easier to participate in, and more environmentally friendly to boot. We’re excited to see more blockchain projects migrating to PoS, and we can’t wait to see where the future of PoS blockchains takes us.
Across the world of rapidly changing money and variable costs sometimes situations appear where you need to get financial support until your subsequent salary. In this context, a salary loan becomes one of the famous financial appliances. Let’s look at what kind of lending this is and how it can be useful.
1. Definition of Loan up to Wages
A loan up to salary is a short-term type of loans provided to the borrower on the terms of repayment per day of receipt of his subsequent wages boards. Usually such loans have small amounts, and their purpose is to help the borrower to cope with temporary financial difficulties until the next payment of wages.
2. Advantages of a loan up to Wages
Urgency: Pre-payday loans as usual are issued quickly, making them an attractive solution for those faced with sudden expenses .
Ease of Obtaining: The process of design of such loans is as usual minimal. The borrower often needs provide only basic information and proof of stable income.
No Lending History: For most loans up to salary there is no required verification of the credit history of the borrower, which is a big advantage those , who do not have good credit history.
3. Features of Repayment and Interest Rates
Repayment Term: As usual the loan term until salary is several weeks or until subsequent wages of the borrower.
Interest Rates: The rates on such loans may be higher than long-term loans since they are provided on a short-term base and frequently do not require collateral.
4. Safety and Regulation
Legality and Regulation: Important choose only reliable monetary organizations and legal lenders, since regulation in this area helps prevent dishonest practices.
Safety of consumers: Laws and regulations ensure protection of consumers, including transparency of conditions of credit and provision of complete information about interest and fees.
5. Caution and Alternatives
Consideration of Alternatives: Before applying for a loan up to wages, it is worth considering other options, such as borrowing from friends or families, appeal to charitable organizations or consider other financial possibilities.
Wise Use: Important use credit before wages appropriate and responsibly, avoiding constant application for such loans and observing repayment deadlines.
Conclusion
A payday loan is a tool that can be useful in situations of short-term financial problems. However, it should be used with caution, observing repayment deadlines and electing reliable lenders. Remember that financial security is an important nuance of your personal card game, and smart financial planning will help avoid excessive monetary difficulties.
Your comment is awaiting moderation.
In a world of of rapidly changing money and variable costs sometimes situations arise where you need to get financial support until your next salary. In this context, a wages loan becomes one of the fashionable financial tools. Let’s look at what kind of lending this is and how it can be useful.
1. Definition of Loan up to Salary
A loan up to salary is a short-term type of [url=https://nearmepaydayloans1.site/]loans near me[/url] provided to the borrower on the terms of repayment per day of receipt of his next wages boards. Usually such loans have small amounts, and their purpose is to help the borrower to cope with temporary financial difficulties until the next payment of salary.
2. Advantages of a loan up to Salary
Urgency: Pre-payday loans usually are issued quickly, making them an pretty solution for those faced with sudden expenses .
Ease of Obtaining: The process of design of such loans is as usual small. The borrower quite often must provide only basic information and proof of stable income.
No Lending History: For many loans up to salary there is no needed verification of the lending history of the borrower, which is a big advantage for those , who do not have fair credit history.
3. Features of Repayment and Refinancing Rates
Repayment Term: As usual the loan term until salary is several weeks or until subsequent salary of the borrower.
Interest Rates: The rates on such loans can be higher than long-term loans because they are provided on a short-term base and frequently do not require collateral.
4. Safety and Regulation
Legality and Regulation: Fundamentally choose only reliable monetary organizations and legal lenders, since regulation here helps prevent negligent practices.
Safety of consumers: Laws and regulations ensure protection of consumers, including transparency of conditions of credit and provision of complete information about interest and fees.
5. Caution and Alternatives
Consideration of Alternatives: Before applying for a loan up to salary, it is worth considering other options, such as borrowing from friends or families, appeal to charitable organizations or consider other monetary possibilities.
Wise Implementation: Important use credit before salary reasonably and responsibly, avoiding constant appeal for such loans and observing repayment deadlines.
Conclusion
A payday loan is a tool that can be useful in situations of short-term monetary difficulties. However, it should be used with caution, observing repayment deadlines and electing reliable lenders. Remember that financial security is an important aspect of your personal card game, and smart money planning will help avoid excessive financial difficulties.
Your comment is awaiting moderation.
Across the world of rapidly changing money and variable costs sometimes situations arise where you need to get financial support until your next salary. In this context, a salary loan becomes one of the favorite financial tools. Let’s look at is and how it can be can be useful.
1. Definition of Loan up to Salary
A loan up to wages is a short-term type of loans provided to the borrower on the terms of repayment per day of receipt of his next wages boards. Usually such loans have small amounts, and their purpose is to assist the borrower to cope with temporary financial difficulties until the subsequent payment of salary.
2. Advantages of a loan up to Salary
Urgency: Pre-payday loans usually are issued soon, making them an pretty solution for those faced with sudden expenses .
Ease of Obtaining: The process of design of such loans is as usual minimal. The borrower often require provide only basic information and proof of measured income.
No Credit History: For most loans up to salary there is no required verification of the credit history of the borrower, which is a big advantage those , who do not have fair credit history.
3. Features of Repayment and Refinancing Rates
Repayment Term: As usual the loan term until salary composes several weeks or until subsequent salary of the borrower.
Interest Rates: The rates on such loans can be higher than long-term loans since they are provided on a short-term base and frequently do not require collateral.
4. Safety and Regulation
Legality and Regulation: Fundamentally choose only reliable monetary organizations and legal lenders, because regulation here helps prevent negligent practices.
Safety of consumers: Laws and regulations provide protection of consumers, including transparency of criteria of credit and provision of complete information about interest and fees.
5. Prudence and Candidates
Consideration of Alternatives: Before applying for a loan up to salary, it is worth considering alternative options, such as borrowing from friends or families, appeal to charitable organizations or consider other monetary possibilities.
Wise Use: Fundamentally use credit before wages reasonably and responsibly, avoiding constant appeal for such loans and observing repayment deadlines.
Conclusion
A payday loan is a tool that possibly useful in situations of short-term financial difficulties. However, it should be used with caution, observing repayment deadlines and electing reliable lenders. Remember that financial security is an important nuance of your personal cards, and smart money planning will help avoid excessive monetary difficulties.
Your comment is awaiting moderation.
In a world of of rapidly changing money and variable costs from time to time situations arise where you need to get financial support until your subsequent salary. In this context, a wages loan becomes one of the famous monetary appliances. Let’s look at what kind of lending this is and how it can be can be useful.
1. Definition of Loan up to Wages
A loan up to wages is a short-term type of loans provided to the borrower on the terms of repayment per day of receipt of his next salary. As usual such loans have small amounts, and their purpose is to assist the borrower to cope with temporary financial difficulties until the next payment of wages.
2. Superiorities of a loan up to Salary
Urgency: Pre-payday loans as usual are issued quickly, making them an pretty solution for those faced with unexpected expenses .
Ease of Obtaining: The process of design of such loans is usually minimal. The borrower quite often must provide only basic information and confirmation of measured income.
No Credit History: For most loans up to salary there is no required verification of the lending history of the borrower, which is a big advantage for those , who do not have good credit history.
3. Features of Repayment and Refinancing Rates
Repayment Term: Usually the loan term until wages composes several weeks or until subsequent salary of the borrower.
Refinance Rates: The rates on such loans can be higher than long-term loans because they are provided on a short-term basis and frequently do not require collateral.
4. Safety and Regulation
Legality and Regulation: Fundamentally choose only reliable financial organizations and legitimate lenders, since regulation here helps prevent negligent practices.
Safety of consumers: Laws and regulations provide protection of consumers, including transparency of criteria of credit and provision of complete information about interest and fees.
5. Prudence and Alternatives
Consideration of Alternatives: Before applying for a loan up to wages, it is worth considering alternative options, such as borrowing from friends or families, appeal to charitable organizations or consider other financial possibilities.
Reasonable Use: Fundamentally use credit before wages wise and responsibly, avoiding constant appeal for such loans and observing repayment deadlines.
Conclusion
A payday loan is a tool that possibly useful in situations of short-term financial difficulties. However, it should be used with caution, observing repayment deadlines and choosing reliable lenders. Remember that financial security is an important nuance of your personal card game, and smart financial planning will help avoid excessive financial difficulties.
Your comment is awaiting moderation.
In a world of of rapidly changing money and variable costs from time to time situations arise where you need to get financial support until your subsequent salary. In this context, a salary loan becomes one of the fashionable financial appliances. It is necessary to consider is and how it can be useful.
1. Definition of Loan up to Salary
A loan up to salary is a short-term type of loans provided to the borrower subject to repayment on the day of receipt of his subsequent salary. As usual such loans have small amounts, and their purpose is to help the borrower to cope with temporary financial difficulties until the subsequent payment of salary.
2. Advantages of a loan up to Wages
Urgency: Pre-salary loans usually are issued quickly, making them an pretty solution for those faced with sudden expenses .
Ease of Obtaining: The process of design of such loans is usually minimal. The borrower often must provide only basic information and proof of measured income.
No Credit History: For most loans up to wages there is no required verification of the lending history of the borrower, which is a big advantage those , who do not have fair credit history.
3. Features of Repayment and Refinancing Rates
Repayment Term: Usually the loan term until salary composes several weeks or until subsequent salary of the borrower.
Interest Rates: The rates on such loans can be higher than long-term loans since they are provided on a short-term base and frequently do not require collateral.
4. Safety and Regulation
Legality and Regulation: Fundamentally choose only reliable financial organizations and legal lenders, since regulation in this area helps prevent unfair practices.
Safety of consumers: Laws and regulations provide protection of consumers, including transparency of criteria of credit and provision of complete information about interest and fees.
5. Caution and Candidates
Consideration of Alternatives: Before applying for a loan up to salary, it is worth considering alternative options, such as borrowing from buddies or families, appeal to charitable organizations or consider other monetary possibilities.
Reasonable Implementation: Important use credit before salary wise and responsibly, avoiding constant application for such loans and observing repayment deadlines.
Conclusion
A payday loan is a tool that can be useful in situations of short-term monetary difficulties. However, it should be used with caution, observing repayment deadlines and choosing reliable lenders. Remember that financial security is an important aspect of your personal cards, and smart financial planning will help avoid excessive financial difficulties.
Your comment is awaiting moderation.