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> The bigger problem here is that proof of stake is actually a misnomer because doesn't actually provide proof, period--it's a consensus algorithm, not a proof

> The bigger problem here is that proof of stake is actually a misnomer because doesn't actually provide proof, period--it's a consensus algorithm, not a proof algorithm. From peercoin (first pos coin) whitepaper: "Roughly speaking, proof-of-stake means a form of proof of ownership of the currency." > But if you're only connected to two nodes and those two nodes are showing you two different spends of the same balance, you have no way to resolve that conflict. In PoW (a real proof algorithm) you simply look at the longer chain. From the same whitepaper: "The protocol for determining which competing block chain wins as main chain has been switched over to use consumed coin age. Here every transaction in a block contributes its consumed coin age to the score of the block. The block chain with highest total consumed coin age is chosen as main chain." I mean, looking at it it seems that your main complaints were actually addressed some 9 years ago in the first PoS whitepaper.

kerkeslager 5y ago
> From peercoin (first pos coin) whitepaper: "Roughly speaking, proof-of-stake means a form of proof of ownership of the currency." Just because a whitepaper says something doesn't mean it's has held up to peer review. > From the same whitepaper: "The protocol for determining which competing block chain wins as main chain has been switched over to use consumed coin age. Here every transaction in a block contributes its consumed coin age to the score of the block. The block chain with highest total consumed coin age is chosen as main chain." Consumed coin age is not provable by looking at the chain--it's only provable by polling the network for consensus. > I mean, looking at it it seems that your main complaints were actually addressed some 9 years ago in the first PoS whitepaper. I mean, looking at it it seems you didn't read the first paper I linked, or indeed much of the literature on proof of stake which has been written in the last 9 years.

kerkeslager 5y ago

> From peercoin (first pos coin) whitepaper: "Roughly speaking, proof-of-stake means a form of proof of ownership of the currency." Just because a whitepaper says something doesn't mean it's has held up to peer review. > From the same whitepaper: "The protocol for determining which competing block chain wins as main chain has been switched over to use consumed coin age. Here every transaction in a block contributes its consumed coin age to the score of the block. The block chain with highest total consumed coin age is chosen as main chain." Consumed coin age is not provable by looking at the chain--it's only provable by polling the network for consensus. > I mean, looking at it it seems that your main complaints were actually addressed some 9 years ago in the first PoS whitepaper. I mean, looking at it it seems you didn't read the first paper I linked, or indeed much of the literature on proof of stake which has been written in the last 9 years.