Proof of Space Layer refers to a consensus mechanism used in some blockchain networks, focusing on storage rather than computational power. Instead of relying on intensive calculations, it requires participants to allocate a certain amount of disk space. In this system, miners prove that they have dedicated storage to the network. They typically generate cryptographic challenges that must be solved, which are then validated using the allocated storage. The more space a miner allocates, the higher their chances of being selected to create new blocks and earn rewards.This approach is seen as more energy-efficient compared to traditional methods like Proof of Work, which consumes significant electricity due to high computational demands. Proof of Space Layer aims to reduce energy costs and increase accessibility, allowing those with available disk space to participate in the network security and operation. It also promotes decentralization by lowering the entry barrier for miners.
Bank of Japan Weighs Additional Rate Hikes as Inflation Persists
The Bank of Japan will continue to raise interest rates if economic and price trends progress as expected, Deputy Governor