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Blockchain distributed ledgers work by linking together a chain of electronic records, each inextricably tied to the one before it; each new set of entries or "blocks" is completed and time-stamped with a hashtag only after passing through a consensus process.
The two most popular mechanisms or protocols for authenticating new entries on a blockchain and governing changes to the networks are Proof of Work (PoW) and Proof of Stake (PoS).
As the name suggests, PoS consensus models enable those with the most digital coins (the greatest stake) to govern a cryptocurrency or business blockchain ledger. To date, however, the most popular blockchain-based cryptocurrencies – Bitcoin, Ethereum (Ether) and Litecoin – have used PoW as their consensus mechanism.