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www.truthcoin.info/blog/pow-cheapest/ Example: You come back online after your node had been off. You receive updates to the blockchain in a PoS world. This
by DINKDINK 9y ago
www.truthcoin.info/blog/pow-cheapest/
Example: You come back online after your node had been off.
You receive updates to the blockchain in a PoS world. This is literally no cost to someone trying to commit fraud against you by staking their coins and creating fraudulent blocks.
You receive updates to the blockchain in a PoW world. You start receiving blocks with roughly the same amount of PoW included in previous blocks. You know that an attacker would have had to completely duplicate the entire PoW hashrate to create this clone of the blockchain. Since this would be extraordinarily costly, you can assume that after 6 blocks (or whatever is the expedience to transaction value trade of you're willing to make) it would be economically infeasible to commit.
Creating the implementation of PoS doesn't take an inordinate amount of time. The reason it hasn't been released is because it's a vaporware of a consensus system. The Ethereum foundation won't publicize this because they can continue to convince new ethereum buyers that Ethereum will solve that pesky Byzantine General's problem. https://en.wikipedia.org/wiki/Byzantine_fault_tolerance https://en.wikipedia.org/wiki/Byzantine_fault_tolerance
- tyrust 9y ago>You receive updates to the blockchain in a PoS world. This is literally no cost to someone trying to commit fraud against you by staking their coins and creating fraudulent blocks. Ethereum proposes to prevent this by including "slashing conditions" that inflict large penalties on the type of fraudster you're talking about [0]. [0] - https://github.com/ethereum/wiki/wiki/Proof-of-Stake-FAQ#that-shows-how-chain-based-algorithms-solve-nothing-at-stake-now-how-do-bft-style-proof-of-stake-algorithms-work https://github.com/ethereum/wiki/wiki/Proof-of-Stake-FAQ#tha...
- rspeer 9y agoBitcoin is not the first solution to Byzantine fault tolerance. It's not the best solution either.
- ric2b 9y agoBut it's the first one that's resistant to Sybil attacks without requiring centralization, is it not?
- rspeer 9y agoOkay, that is true. I am just not satisfied with proof-of-work as a solution there. It makes Sybil attacks unreasonably expensive, by making the entire operation of the chain even more unreasonably expensive. I do like the math behind Bitcoin but I wish it had just remained as a proof of concept.