As far as I’m concerned, this is what I understand about PoW and PoS:
In PoW coins the first one who proposes a block that fits current target (block hash below certain number) gets accepted and block is appended to the blockchain by every single node. To fit that target you bruteforce the hash by randombly changing the nonce. In PoS a block has the age of the sum of its transaction coinages. The first one who proposes a block with coinage superior to current difficulty gets accepted and the block is appended to the block chain (I just made that thing up so please correct me if I'm wrong). When you propose a PoS block you include a transaction transfering your own coins to yourself spending their coinage, which ads up to the block age. The more coins you have and the more time they are unspent the more coinage to the block you propose and the more likely to get the block accepted. Thus you don't need enormous computational power. Please correct my mistakes.
Pleas correct my mistakes because I’m trying to understand cryptocurrencies and this is what I’ve reached so far.
Let’s make this a thread for people to understand the basis of PoW, PoS, and cryptocurrencies in general without reading the papers. Try to add and explain more things about cryptocurrencies like coinbase and coinstake transactions or how difficulty is agreed or whatever.