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Proof-of-stake has been in use in other non-Ethereum cryptocoins for a very long time [1] [2]. In Nano's case, there's no transaction fees paid to stakeholders
by wyldfire 7y ago
Proof-of-stake has been in use in other non-Ethereum cryptocoins for a very long time [1] [2]. In Nano's case, there's no transaction fees paid to stakeholders (nor their delegated representatives).
[1] https://en.wikipedia.org/wiki/Peercoin https://en.wikipedia.org/wiki/Peercoin
[2] https://en.bitcoinwiki.org/wiki/Nano https://en.bitcoinwiki.org/wiki/Nano
- _Kristijan_ 7y agoNano consensus mechanism is called Open Representative Voting (ORV). It has similar sides to proof-of-stake, but differs in important places. e.g. it is less a "stake" than a voting weight that the users themselves distribute to nodes of their choice (or their own). ORV's self-description at: https://docs.nano.org/glossary/#open-representative-voting-orv https://docs.nano.org/glossary/#open-representative-voting-o...
- wyldfire 7y ago> or their own Sure, it's an optionally-delegated-proof-of-stake. In practice, most do delegate their stake. But at the end of the day the "voting weight" that secures transactions is majority stake and not a proof of work.