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My PoW theory after talking to a bunch of people at Berlin Blockchain Week: PoW is easy mode and PoS is the logical consequence of it. First, letting people c
by k__ 4y ago
My PoW theory after talking to a bunch of people at Berlin Blockchain Week:
PoW is easy mode and PoS is the logical consequence of it.
First, letting people calculate random hashes is easy to implement, because you don't have to check useful stuff, just a hash.
PoS then is just giving people that did these calculatios, who now value their tokens because of the work they put in their creation, an incentive to validate txs, or they will lose that work.
Chains like Filecoin, Sia and Arweave go a harder route. Their PoW is storing real data of real users, so the "miners" get rewarded to do actual work. It's a decentralized version of S3, and S3 also was one of the first services AWS started with.
I think, in the next years, we will see more and more of these useful proofs cropping up. And people will understand the value they're "storing", no pun intended.
- josu 4y ago>I think, in the next years, we will see more and more of these useful proofs cropping up. And people will understand the value they're "storing", no pun intended. You could be right, but the first time something like this was discussed was around 2011 [1], and here we are 12 years later, still waiting for a widespread implementation of a "useful" proof of work. [1] https://primecoin.io/ https://primecoin.io/ was the first result of that.
- k__ 4y agoMy assumption is, Primecoin was too theoretical. People easily understand when you take money to store their data. That might not be the case for prime calculations.