Effective Proof-of-Stake is Harmony’s version of the Proof-of-Stake consensus mechanism that aims for both security and decentralization.
The proof of stake consensus mechanism is a way for new blocks to be produced and prevents the double-counting issue.
The idea is that people who hold cryptocurrencies can stake them in order to validate transactions and get rewards.
For example, if someone has 1% of total network coins staking, then they would be expected to get 1% of all validation rewards.
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