In the Proof of Stake (POS) algorithm, the individuals responsible for validating transactions and creating new blocks are typically known as 'forgers.' This term is used because, unlike Proof of Work systems where miners solve complex mathematical problems to create new blocks, in POS systems, the selection process is based on the amount of cryptocurrency held by the participant, known as their stake. The process is more about forging the new blocks based on the stakeholder's wealth rather than performing computationally intensive tasks.