Proof-of-stake consensus mechanism powers blockchains
recently report good Take a look at the proof-of-stake chains: Cardano, Polkadot and Avalanche. Proof-of-Stake consensus mechanisms power blockchains such as Cardano, Tezos, Polkadot and Avalanche and allow the creation of staking and validator nodes.
Currently, Cardano has over 1,182,080 staked wallets with a staking ratio of 72.63%, which reflects a high degree of decentralization. Polkadot, on the other hand, has over 33,646 staked wallets (called Nominators) with a staking ratio of 52.4%, which reflects a relatively low level of decentralization.
Avalanche has 22,890 individual staking wallets and a stake ratio of 64.9%, which is relatively high compared to Polkadot’s 52.4%. Compared to Polkadot, Avalanche has a higher staking ratio, while there are fewer staking wallets.
With a total of 998 validators, Polkadot has a small number of validators when compared to Cardano, which has over 3,202 stake pools/validator nodes. Polkadot validator nodes can be run by anyone, but there is a limit of 297 validators per era/epoch that can participate in the 24-hour validation.
Blockchain Trilemma Stands Without Breaking
Public blockchains have been around for a while, yet none of them have been able to solve the puzzle of the blockchain trilemma so far. The blockchain trilema refers to the problem in which a public blockchain will not be able to optimize for all three qualities: security, scalability, and decentralization.
Cardano’s network is highly distributed and decentralized, which reduces its vulnerability to DDoS attacks. The comparatively small size of the Cardano full node and the low hardware requirements support its decentralization, which is reflected in the large number of stake pools and users running full nodes.
Although the Cardano network exhibits a high degree of security and decentralization, it falls short on scalability benchmarks. In early 2022, Cardano listed 11 ways it wanted to scale. Most of these fixes are anticipated to be included in the upcoming Vasil update on September 22nd.
