Question

What is proof-of-space (PoSpace)?

Answer 1

Proof-of-space (PoSpace) is a consensus algorithm used in blockchain technology, where participants prove that they have allocated a certain amount of physical storage space to the network. This is an alternative to proof-of-work (PoW) and proof-of-stake (PoS) algorithms and aims to be more energy-efficient while still maintaining network security. Participants in a PoSpace network compete by showing that they have reserved a significant amount of storage space, rather than solving complex mathematical puzzles or holding a large amount of cryptocurrency.

Answer 2

Proof-of-space (PoSpace) is a consensus algorithm used in blockchain technology, where participants prove that they have allocated a certain amount of physical storage space to the network to mine or validate blocks. It is based on the concept that participants demonstrate their commitment of space by storing large amounts of data, which can be verified by other network participants. This method aims to be more energy-efficient compared to other consensus algorithms, such as proof-of-work.