5 ms·
Proof of stake is a solved problem, has a fixed block reward, has no ASICS or need for them, is no more complicated, is not in anyway subjective, and distribute
by jki275 6y ago
Proof of stake is a solved problem, has a fixed block reward, has no ASICS or need for them, is no more complicated, is not in anyway subjective, and distributes coins just fine as both ADA and XTZ are doing right now.
- shawnz 6y agoThey are correct that proof-of-stake doesn't solve the initial wealth distribution problem. ADA and XTZ solve it by pre-mining the coins. Ethereum is instead solving it by having an initial proof-of-work period and then moving to proof-of-stake after some amount of mining and wealth distribution has already happened.
- jki275 6y agoThat's not what they said. They said POS can't distribute coins, which is not accurate. ADA and XTZ did pre-mine their initial distribution, and now they distribute coins through stake rewards.
- tromp 6y agoThat's not distribution. That's just letting every owner maintain their share of the pie by staking.
- jki275 6y agoYou can argue whatever you want, it's distributing coins to the people who secure the network.
- haimez 6y agoSo, PoW then.
- Dylan16807 6y agoThey secure the network by showing up and participating with minimal calculation. I don't think that falls under proof of work. Even if it does, it's not the terminology that matters. What matters is that there is no reward for burning cycles.
- jki275 6y agoIt’s not POW. No need for massive amounts of processing power. Read IOHK’s Ouroboros paper or Breitman’s Tezos paper.