Aenco X-files: What is Proof of Stake?
Proof of Stake (PoS) is a mechanism to reach consensus on the blockchain whereby transaction blocks are validated (mined) by a select few who are granted mining power by staking their coins on the network. In the Proof of Stake concept, a person can validate transaction blocks according to how many coins they hold/stake. More mining power is granted to the miner with more coins at stake.
The History of Proof of Stake
Proof of Stake was introduced as an improvement to the first consensus mechanism of blockchain which is the Proof of Work.