Topic: Annual 10% bitcoin dividends if mining were Proof-of-Stake (Read 16698 times)

Bitcoin never made a big change to be made to it due to the risk of something bad happening. I think the block prizes should still only go to miners with hash strength but perhaps can be verified validated built somehow. It's a focused databank that individuals have to trust so it works. It's a sux model, it should not inspire confidence in any one that is paying attention or not being blinded by their own interests. I think it is very difficult but not impossible.

I am shocked at the number of people that would go for a POS model.

Not saying POS is not the way to go but I would not have thought such a large % would have gone for it.

The fact ETH is moving over to it and some new advancements in POS design to help against certain attack vectors could mean interesting times ahead

I have simply exaggerated nice things from digital kinds of cash (they have improved my life), in any case, I'm baffled at the people WHO square measure certain money, and simply money. They hurt themselves and to boot digital kinds of cash future. I tragic that regardless I am unable to utilize bitcoin to shop for the items I would like because it is not utilized as associate installment cash/strategy.

I'm pitiful that there square measure vast cash connected institutions that require (and place forth a fearless effort) to wipe the crypto world out, and as against cooperating as a crypto-network to flourish, we have a tendency to square measure battling, contending, and dishonorable each other. wherever I live, the administration determinedly fixes and devastates our money-related lives. I used to be lucky to own discovered salvation in cryptanalytic kinds of cash once others battled.

Well, with ETH looking to move to POS after its Caspar upgrade, we can be pretty sure that it's going to become the new norm for most cryptocurrencies. I wonder if Bitcoin will actually follow suit, I imagine it will cause a lot of arguments along the way, and possibly lead to a split fork POW/POS. I can't say I'm a fan of mining, so I'd rather go the POS route even if it does slightly increase centralization.

Bitcoin 10% mining were proof of stake is a Good idea for the crypto world. It is a concept to mine or validates the transactions of the block, according to how many coins a person holds. It means the more the cryptocurrency owned by miner the more mining power he/ she has. In the proof of stake system, there is no block reward, so the miners take transaction fees. Proof of stake currencies can be several thousand times more costs effective as compared to the Proof of work currencies. Peercoin was the first ever cryptocurrency to adopt this method Proof of Stake and then Next, Blockchain, Shadowcoin soon followed Peercoin for Proof of Stake.In the Proof of Work (POW) system, mining requires a huge amount of computation power to run diverse cryptographic, this power then translates to high amount of electricity and power needed for proof of work and in 2015, one bitcoin transaction required the amount of electricity needed to power up 1.57 American households per day. To kick out that electricity bill, miners sell their awarded coins for fiat money. This thing downs the price of cryptocurrency. This is why Proof of stake was created to solve issues. These days there are hundreds of cryptocurrencies using Proof of stake system. Here are some of the top ten cryptocurrencies.

I think if you have to save a Bitcoin wallet open and I will have the opportunity to collect more

If you want to create a new protocol you should learn the basics, otherwise nobody will take you seriously. and besides there several major issues with PoS. if you solve those, just start an altcoin and get rich. end of story.

In the current system people are not rewarded for running full nodes while running full nodes is indeed very important to the distributed nature of Bitcoin. I'm not interested at all in reducing wastefulness. There are millions of things in the world I consider highly wasteful and the energy spend to secure the most important social network the world has ever seen is not amoung them.

Pos is a great idea. It's rewarding for every full button to stay right? You do not need 51% hash strength, maybe 51% of full nodes

yeah but that incentive has been warped by the need for specialized equipment and the work is essentially useless and a waste of resources.

I think we should make a positive contribution to the bitcoin to diminish the negative. I think it is very difficult but not impossible

That's centralized databank that individuals have to trust in order for it to operate

Mt Gox was a centralized bank that people had to trust in order for it to operate.

That model sux, it shouldn't inspire confidence in any one that is paying attention or is not blinded by their own vested interests. 

No I think block awards should still only go to miners with hashing power but perhaps there can be confirmation checks built in somehow.  Maybe that isn't POS but something else.

From the Wiki. Although based upon the number of blocks, it is effectively a calendar schedule too, because the system attempts to average 10 minutes per block.

If you like. It is in Bitcoin.

The Bitcoin brand is not an enforced trademark and the core developers have a policy of neutrality with regard to controversy. My project, to be deployed at the beginning of 2016 after a year of public testing and scrutiny, will use the then-current blockchain as the initial distribution. The new version will exchange transactions with the old version on the existing network. Both versions will reject any transactions tainted by rewards created by the other version after the hard-fork date.

I need at least a three to one advantage with regard to peer full nodes on my version. For proof-of-stake to work I need the cooperation of the largest holders. I need the cooperation of transactors such as third-party wallet providers, hosted wallet providers, and nearly all the major exchanges. One or more transitional SHA-256 multipools will provide untainted bitcoin for its participating ASIC miners. During the year of testing, the project open source will be provided to at least one altcoin already in circulation.

There will be three prices for bitcoin after the hard-fork. The main price will be for untainted coins mined before the hard-fork. The second price will be for coins tainted by proof-of-work rewards issued after the hard-fork. The third price will be for coins tainted by proof-of-stake rewards issued after the hard-fork. I expect selling pressure on the tainted proof-of-work coins as ASIC miners necessarily must sell to buy equipment and purchase power.

The new version will be have the features, to attract the needed majority . . .

• immediate transaction acknowledgment for incorporation into the blockchain, which is checkpointed every 10 minutes following the new block
• mining rewards distributed via pools in proportion to provided stakes
• transactions will be included that have lower fees than present and no-fee transactions will be much more likely to be accepted
• only one version of the blockchain exists, has broad consensus approval and is widely replicated
• network cryptographic audit trail

The consensus of users, as designed by Satoshi, will pick the winner. Unless the odds beforehand are very much in this project's favor, the hard-fork will not occur as fragmentation of the system hurts us all. Yet the wastefulness of the current system compels a timely solution.

A project whitepaper is the first step to gaining the required expert support, and I am gathering my thoughts in preparation for writing it.

Bitcoin Proof-of-Stake

Bitcoin should NEVER HAVE ANY BIG changes made to it due to the risk of something bad taking place. Its fine how it is.

I see. Thanks for your help.
Looks like bitcoin is too-big-to-modify, unlike those new altcoins lol.

No.


Yes.

I got a question here.
Can bitcoin really switch to PoS? Wouldn't it just create a hard fork and create a new altcoin?