Proof of Stake: The Proof of Stake (PoS) consensus protocol will likely replace Proof of Work. The developers of Ethereum already have plans to move to this protocol. The Proof of Stake protocol provides a similar level of consistency as the current Proof of Work protocol without using so much computing power (and wasting energy). Each node that wants to compete to add a new block locks some of its cryptocurrency and submits it as a bet. The “winning” node that gets to add the new block to the blockchain is chosen based on the size of the bet and other criteria intended to randomize the selection. The random part of the selection criteria keeps the richest node from always adding new blocks.
In the case of PoS algorithm, a set of nodes decide to stake their own cryptocurrencies for the transaction validation. They are called 'stakers.' In proof of stake, the creator of a new block is chosen in a deterministic way, depending on its wealth, also defined as stake. It does not give any block reward, so miners take the transaction fees only. Proof-of-Stake can be several thousand times more cost-effective as compared to proof of work.

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