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Your answer reads like a marketing blurb and only tells about the goal (on which we agree) and not the mechanism (where we disagree). I tried reading a few of t
by svennek 5y ago
Your answer reads like a marketing blurb and only tells about the goal (on which we agree) and not the mechanism (where we disagree). I tried reading a few of the coins you mentioned and all of them were witness ("validator") based...
They still do not prove that they have something in possession, they stake their own coin on being honest... BIG difference.
Do they allow you to prove that you (and you alone) have possession/control of the coin itself, and if so, how? (That is the part that I consider impossible).
The whole problem is that proof-of-stake has been redefined by the new PoS networks and does have the original meaning of "stake" (i.e. sole possessor) anymore.
I can prove to you that I have access to a gold coin by taking it out of my purse and showing it to you.
You can do three simple tests (weight, volume and ringing) that ensures that it cannot be any other material than pure gold (due to any material that is both cheaper and heavier than gold is tungsten and that does not ring). You can also be sure that it is not a clone of another coin so that it "just disappears" or gets double spent.
There is also no witness/validator that can break your trust and betray you.
Every POS network I have ever looked into (and I admit that it has been a while) relies on witnesses. And that removes my way of knowing whether the witnesses lie or not.
Is there any of the socalled PoS networks that actually allow you to prove that you have exclusive possession/control of the digital coin in question without any witnesses ('validators')?
If so, their founders can already book their ticket to the Nobel Gala next year, as that would AFAIK be a feat in the same scale as disproving gravity...