Video: How is Tezos mining different from Bitcoin?

Bitcoin and Ethereum use Proof of Work (PoW) when designing their consensus systems. PoW blockchains rely on mining to verify transactions and secure the network. But mining requires expensive hardware and a lot of electricity. It is estimated that Bitcoin mining uses as much electricity as the entire country of Greece.

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The Tezos blockchain introduces a more efficient solution: Liquid Proof of Stake (LPoS). Users who own Tezos tokens in the network, "tez" or "XTZ", can passively hold these tokens, and can also participate in network staking or "bake (bake)".

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By baking, Tezos users help maintain the security of the network and validate transactions, in return they receive rewards. Unlike mining, baking does not require expensive hardware or large amounts of electricity.

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To become a baker, you need a computer with a reliable internet connection and 8,000 tez. But if the user doesn't have that much, they can delegate their holdings to a baker and still get rewarded.

Now Tezos has more than 400 bakers, and 80% of the tokens are being baked. There is no risk of losing coins here: delegation does not transfer control, so the coins are always in the user's hands. Moreover, no matter how many tokens users pledge, they can get rewards from baking and keep an appropriate proportion of tez shares.

This system is designed to encourage more users to join the Tezos network. Many users are actively involved in staking, and in 2020, more than 80% of tez is staked.

LongHash, using data to understand the blockchain.

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