5 ms·

In that case, why have proof of stake at all? Wouldn't it be simpler to just have the set of oracles alone facilitate the currency, since they already effective

• vmception 6y ago
  The market didnt tolerate oracle controlled coins when Gridcoin was released The market does tolerate that now Today you wouldnt use a new blockchain you would just issue an erc20 token with an oracle server having an admin key for distribution. You could have people merkle mine to accumulate a stake, but this is primarily to keep the “crypto/computational” branding for that audience, as the oracle aspect would still be centralized
• roboticmind 6y ago
  The oracles don't have the power to completely run everything. With the current split for rewards, 25% of new coins is from just staking. As well, because new blocks are made only proof of stake, a 51% type attack would be also be much tougher for the oracles conspire and to pull off. Even if they tried to redirect 100% of research rewards (28750 GRC/day) to one address, it would take over 900 days to even reach the same amount as the address with the largest balance (~6% of current coin supply) [1]. Further, there's also more resiliency. If the oracles somehow broke or conspired and all said everyone did zero work, the network would still run. Now granted it would not be great that only previously pending research and PoS rewards would be given out, but you could still send coins, run polls, etc. [1] https://main.gridcoinstats.eu/address/ https://main.gridcoinstats.eu/address/ (excluding the very largest one (the foundation) because it's multisig and can't stake. In its case it would take 1000 days to reach)