The reality is that the pool operators have the most power. The power is delegated to them by PoW miners or coin owners in the PoS network. Bitcoin has 10 majority pools and an unknown number of hash rate delegators. The delegators are mostly large pools with a single owner. We estimate there may be about 1000 of them. The largest PoS networks have 1000 pools and hundreds of thousands of delegators. Power is much more distributed in PoS networks than in PoW. It's easy to check.

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