DiscoverBitcoin Crypto MastermindMining 101: What Proof-of-Stake Means For You
Mining 101: What Proof-of-Stake Means For You

Mining 101: What Proof-of-Stake Means For You

Update: 2018-03-031
Share

Description

“Proof-of-stake is where you stake your coins in the validation in the network.” - Jeremy Gardner

(click to tweet)

Mining isn’t as complicated as people make it out to be.

With each Bitcoin transaction, miners are given the data they need to validate the exchange. After completing the necessary math, they can approve or validate the flow of Bitcoin. There are different models of how this works: proof-of-stake, proof-of-work, and delegated proof-of-stake.

On today’s episode of The Tai Lopez Show, we are joined by Jeremy Gardner, founder of the decentralized prediction blockchain Augur, to talk about the proof-of-stake model. At a market-cap of $300 million, Augur is said to be the most undervalued crypto-project in Silicon Valley. Jeremy is 25 years old and the brains behind the popular San Francisco ‘Crypto Castle.’ $11 billion is the total value of companies he’s involved in, and his depth of crypto-knowledge is something we can all learn from. Today, we are fortunate to apply his insights about mining to our crypto investment strategy.

Don’t forget! You can also listen to The Tai Lopez Show on Spotify! Click “Follow” and let me know what you think!

“Bitcoin is the first Byzantine fault tolerant e-money, where it’s totally distributed and everybody has an incentive to behave in an ethical/similar way.” - Jeremy Gardner

(click to tweet)

Points to Keep In Mind

  • Asic is the chip used in mining
  • You can’t make good money in mining
  • Cryptocurrency will evolve past the proof-of-work
  • Proof-of-stake is where you stake your coins in the validation in the network
    • This is essentially putting your money where your mouth is
  • Read The Byzantine Generals’ Problem to understanding the need for mining (how people are incentivized to behave in an ethical/similar way)
Comments 
loading
In Channel
Download from Google Play
Download from App Store
00:00
00:00
1.0x

0.5x

0.8x

1.0x

1.25x

1.5x

2.0x

3.0x

Mining 101: What Proof-of-Stake Means For You

Mining 101: What Proof-of-Stake Means For You