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It's actually the exchanges that get to write the rules.
by brighton36 9y ago
It's actually the exchanges that get to write the rules.
- jstanley 9y agoIt's everybody that gets to write the rules. As long as everybody is in consensus, there's one network. If separate groups end up with incompatible consensus rules, there's a network split. Miners, exchanges, developers, etc. don't have any more power than anybody else. Everybody's power is limited by the extent to which other people want to trade with them.
- Taek 9y agoPrevious proof of stake cryptocurrencies have typically struggled to get above 30% participation during the 'exciting' days of the coin, and it only falls off from there. Exchanges will often have anywhere from 15% to 40% of all of the coins in a token, which means that if exchanges choose to participate in staking, they will very likely have the majority among the staking participants.