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>Proof of stake: the mechanism to secure the coins, uses the coins it's trying to secure. Circular. I think the term you're looking for is 'bootstrapping'. Onc
by splintercell 10y ago
>Proof of stake: the mechanism to secure the coins, uses the coins it's trying to secure. Circular.
I think the term you're looking for is 'bootstrapping'. Once we have enough cryptocurrency via PoW, we can (and only then) implement PoS.
- wmf 10y agoYou can initially distribute a currency any way you want, like an auction.
- Taek 10y agoNo, it's not that simple. After you switch to a PoS system you still have all the problems. For example, who is allowed to vote is decided by who is currently voting. For example, PoS is typically signature based. What's to stop me from making more signatures after the fact? And how can a newbie tell which signatures I made first? These are hard problems, and they aren't the only ones, and solving the bootstrapping issue alone is not sufficient.