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There’s also proof of stake which requires a lot less energy. I think a lot of nuance is missed when discussing Bitcoin and its consensus mechanism as the only
by dsco 6y ago
There’s also proof of stake which requires a lot less energy. I think a lot of nuance is missed when discussing Bitcoin and its consensus mechanism as the only way of running a blockchain
- PragmaticPulp 6y ago> I think a lot of nuance is missed when discussing Bitcoin and its consensus mechanism as the only way of running a blockchain Bitcoin holders are financially incentivized to steer everyone else toward Bitcoin. As long as early adopters are financially invested in alternative currencies failing, we’re going to continue seeing a focus on Bitcoin.
- chaostheory 6y agoWhen is that rolling out for Ethereum
- hacknat 6y agoIt's a really complicated transition, but it's already started. The estimate is that there's probably about $1.5B worth of transactions left to mine, but most transactions will be switching over to PoS in the coming year. No one knows for sure when the full transition will occur, it's more of a gradual phase-out.
- piplikoc 6y agoIt's coming with Ethereum 2.0. The transition process to Eth2 is on the way, it is estimated that they will finish by 2022.
- mrits 6y agoI like Ethereum not just because of the more responsible PoS but also because mining is currently asic resistant. A lot of the waste going into bitcoin right now is building specialized miners that will go into a landfill after a generation or two. Eth can still be mined with hardware you already own.
- xorcist 6y agoSo far no one has shown in practice how to run a decentralized proof of stake network. How do you bootstrap a node in the face of conflicting history? How do you handle network partitions? There are also open question surrounding security, prevent actors from colluding and so on. Most other blockchains do not even bother. At least the Ethereum people have the ambition to have something practical. Let's study the design when it you can make an eth transfer with it. These discussions are like when in a discussion about uranuium waste management someone inevitably cries about how we should just scrap it and go with fusion energy instead. Great idea, but let's have something working first.
- ericb 6y agoTezos is up and running and working just fine.
- dlubarov 6y agoPlus Cosmos, Polkadot, Solana, Cardano, Avalanche, NXT, and probably others I'm forgetting. There are plenty of PoS systems in production these days!
- xorcist 6y agoAll of those are run by a singular entity. This makes it trivial for them to implement PoS. That's not the use case something like Bitcoin is built for.
- freerobby 6y agoProof of space, too. See e.g. https://www.chia.net https://www.chia.net
- Nursie 6y agoUgh, that seems like it just exchanges one form of waste for another. If it takes off the price of storage is likely to rocket in the same way GPUs have. Let's not shoot ourselves in the foot, again, for another digital gold rush?
- sudosysgen 6y agoIIRC some Proof of Storage algorithms allow you to store actually useful data, and there shouldn't be any incentive to get fast storage, so it should have less of an effect on the average person.
- Nursie 6y agoTrue, and I understand this is how projects like Sia work. But IIRC Bram Cohen's proposal was effectively PoW but with storage.
- drak0n1c 6y agoProof-of-stake distributed ledger technology is extremely efficient. Hedera Hashgraph uses a gossip protocol and has extremely high transaction-per-second support with finality. Already being used by major corporations. https://hedera.com/ https://hedera.com/