Introduction to Proof of Stake (PoS)Mechanism in Ethereum
- Proof of Stake (PoS) is a low energy consumption sybil resistance mechanism which Ethereum have moved to. PoS uses randomly selected validators (the new miners) for block proposing;
- A validator is responsible for ordering transactions and creating new blocks so that all validators can agree on the state of the network;
- A node operator (Ethereum terminology) is an entity who can operate multiple validators;
- Transaction fee is the fee being paid by a user where part of it is being burned (base fee) and the other part (tip) is being received by the validator when it correctly proposes a block;
- (Non-)custodial refers to who controls the digital assets, and more specifically who controls the private key related to the address(es) on which the digital assets are stored;