2 ms·

> Of course, someone will then create an escrow service that gives you the opportunity to dispute the transaction, in return for a small transaction fee. Maybe

• TeMPOraL 8y ago
  Which briefly favours competition, until the dust settles and new monopolies protected by necessary anti-fraud regulations emerges. Except this new-old state is built on a framework of exponential energy waste that powers cryptocurrencies. It would be, to put it lightly, not a better place to be in.
  • leppr 8y ago
    > Except this new-old state is built on a framework of exponential energy waste that powers cryptocurrencies. Few in the cryptocurrency community, except the so-called "Bitcoin maximalists", believe Proof of Work will survive as the dominant consensus algorithm. What's more likely to be widely adopted is a Proof of Stake [1], or Proof of Space [2] system. [1]: Snow White: https://eprint.iacr.org/2016/919.pdf https://eprint.iacr.org/2016/919.pdf, Ouroboros: https://eprint.iacr.org/2016/889.pdf https://eprint.iacr.org/2016/889.pdf, Algorand: https://people.csail.mit.edu/nickolai/papers/gilad-algorand-eprint.pdf https://people.csail.mit.edu/nickolai/papers/gilad-algorand-... [2]: Chia: https://eprint.iacr.org/2017/893.pdf https://eprint.iacr.org/2017/893.pdf, SpaceMesh: https://spacemesh.io/assets/built/whitepaper1.2.pdf https://spacemesh.io/assets/built/whitepaper1.2.pdf
    • TeMPOraL 8y ago
      I keep hearing that, and yet it doesn't happen. Did anyone ever actually demonstrate that PoS (either one) can give the same network safety guarantees as PoW.
      • leppr 8y ago
        Check the "Simulation" part of the Snow White paper I linked above for instance[1]. You're right to ask that, because indeed most Proof of Stake algorithms either have weaker[2] or slower[1] safety guarantees. [1]: https://eprint.iacr.org/2016/919.pdf#section.5 https://eprint.iacr.org/2016/919.pdf#section.5 [2]: https://docs.zilliqa.com/whitepaper.pdf https://docs.zilliqa.com/whitepaper.pdf