Algorithm

Cryptos:

2,117

Exchanges:

10

Marketcap:

$2,158,935,982,977

Volume 24h:

$40,053,641,848

Nominated Proof of Stake

NPoS

Rank #4

$388,835,558,779

4

0

Winners (undefined)%

24H

Losers (undefined)%

Rank

4

Assets

4

Marketcap

$388,835,558,779

Volume 24h

$4,145,846,267

Winners

4

Overview
Assets

$388,835,558,779

Marketcap

$4,145,846,267

Volume

4

Rank

4

Winners

0

Losers

3.44

%

Change 24h

-10.56

%

Change 7d

1H

0.470

%

1D

3.44

%

1W

-10.56

%

1M

-14.25

%

2M

18.93

%

3M

25.43

%

6M

101.03

%

1Y

4,389

%

About Nominated Proof of Stake

Nominated Proof of Stake (NPoS) is a consensus algorithm used in blockchain networks to achieve distributed consensus. It is an improvement over the Proof of Stake (PoS) algorithm and was developed by the Polkadot network. NPoS allows network participants to nominate other validators to create new blocks, rather than having the validators selected based solely on the amount of cryptocurrency they have staked.

In NPoS, network participants can nominate up to 16 validators who they believe are trustworthy and competent to create new blocks. Validators are responsible for validating transactions and creating new blocks in the blockchain. The more nominations a validator receives, the more likely they are to be selected to create new blocks.

NPoS aims to ensure that the most trustworthy and competent validators are chosen to create new blocks. This helps to prevent centralization and reduce the risk of attacks, as validators are selected based on their merit rather than their stake in the network.

One of the benefits of NPoS is that it is more energy-efficient than other consensus algorithms such as Proof of Work (PoW). This is because validators do not need to solve complex mathematical problems to create new blocks, which can consume a lot of energy. NPoS also has a faster block creation time compared to PoW, which makes it more suitable for applications that require faster transaction speeds.

In addition, NPoS has a built-in incentive mechanism that rewards validators for their work. Validators who are selected to create new blocks receive a portion of the block rewards, which encourages them to act in the best interests of the network.

Overall, Nominated Proof of Stake is a promising consensus algorithm that offers a more energy-efficient and secure alternative to Proof of Work. Its focus on merit-based selection of validators also helps to prevent centralization and promote a more decentralized and democratic network. As the technology develops, it is likely that NPoS will be adopted by more blockchain networks.