Proof of work (PoW) was one of the first consensus algorithms used in digital transactions and has remained an important part of many networks ever since. However, recent advancements have highlighted its shortcomings when it comes to scalability and energy consumption. As more users join networks and transaction volumes increase, PoW struggles to keep up with demand - resulting in longer wait times for transactions to be validated. Furthermore, because PoW requires a significant amount of energy to operate, it has been criticized for its environmental impact. Moreover, Proof of Work-based systems rely on something called transaction fees to operate securely, which translates to entities making transactions to spend additional funds to render the transaction valid, to reward to the miner of the block which will contain the transaction, making it very unpractical for multiple use cases. As such, transaction fees can be costly and create a barrier to the types of transactions that can be made. For example, voting mechanisms can be a challenge to implement in a system using Proof of Work.
In response to this, developers have created what is known as Proof of Stake (PoS). This consensus algorithm works by assigning users who own the most coins in that particular network as "validators". These validators are then rewarded for their contribution with fees from transactions and other awards. Proof of Stake also eliminates the need for energy-intensive calculations – making it much more efficient than PoW, and thus generally seen as a much better alternative than PoW. Proof of Stake, however, has itself some major drawbacks, like limiting opportunities for the less fortunate while allowing people who already have a lot of money to gain even more. Moreover, unfortunately, much like Proof of Work, Proof of Stake-based systems rely on transaction fees to operate securely.
Very recently, a brand new consensus algorithm marginally superior to Proof of Stake and other currently existing technologies has emerged: Proof of Justice (PoJ). Not only is Proof of Justice egalitarian, super green, has feeless transactions, blazing fast, secure, extremely scalable and secure, it also supports to operate as nodes using only smartphones and low powered devices. In Proof of Justice, it also doesn't matter if someone has $5 or $1 million; PoJ makes sure that its efforts and intention, not money or power, that are the ultimate deciding factors in who gets rewarded and how much, compared to Proof of Stake, Proof of Work and other existing technologies. Proof of Justice is also extremely customizable and can be dynamically adjusted on-the-fly after deployment, making it possible for developers to adapt the consensus itself according to the business needs and use case(s).
