Do we have any idea if POS is likely to take over POW? Or does it completely...

Stockypotty

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Activity: 79

Merit: 10

Quote from: Tmdz on May 14, 2017, 02:07:27 PM

There is a trend to move coins toward POS , but POW will remain very much a staple in the crypto world.

POS = Piece of Shit inwardly focused investor coin

POW is mined by hardware but it is much more than just that. Hardware company's, retailers make huge profits off miners and gives them reason to put some profits back into crypto. A profitable coin brings exposure to that coin and crypto in general, it is a driving force that brings lots of new people into the scene. Miners tell their friends and family about crypto and they invest some money into it, when those people make money they tell their friends and more and more people become aware of the tech.

In a sense if everything goes POS then the cryto scene is fucked.

Yeah good points dude (and thanks to everyone else who posted). Makes sense!

Thanks

Tmdz

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Activity: 1008

Merit: 1000

There is a trend to move coins toward POS , but POW will remain very much a staple in the crypto world.

POS = Piece of Shit inwardly focused investor coin

POW is mined by hardware but it is much more than just that. Hardware company's, retailers make huge profits off miners and gives them reason to put some profits back into crypto. A profitable coin brings exposure to that coin and crypto in general, it is a driving force that brings lots of new people into the scene. Miners tell their friends and family about crypto and they invest some money into it, when those people make money they tell their friends and more and more people become aware of the tech.

In a sense if everything goes POS then the cryto scene is fucked.

bathrobehero

legendary

Activity: 2002

Merit: 1051

ICO? Not even once.

I highly doubt PoW will overtake PoS. They're very different and we're rushing towards cheap renewable energy.

PoW is objectively the best initial distribution model of a coin. And if it's using a CPU or GPU algo (and not ASIC) it's the fairest.

PoS can't be used for initial distribution; you have to have coins to stake more so you have to either use a PoW period or sell coins (ICO).

But even after a decent initial coin distribution (PoW period) a switch to being a PoS only coin is bad in the sense that it incentivizes people to hoard the coin. It's a rich gets richer scheme.

lizardbtc

full member

Activity: 448

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Quote from: Stockypotty on May 14, 2017, 10:31:24 AM

completely depend on the coin and their choice?

Apologies for the noob question. But is it a complete guessing game as to what future coins will use POS over POW?

Or is there a particular technology or movement towards POS?

Thanks in advance.

Its not a guessing game. It all depends on the code of the crypto. Mostly coins that you see which have PoS now, used PoW algorythm at the begining to gain the first coins in circulation.

PoW - requere miners to find and make blocks, which usually costs to much electricity when you have miners that compete between each other to make a block 1st

On the other hand with PoS you "stake" your coins and by staking you can create blocks and earn rewards. In general PoS is some kind of richer getting richer. As the more coins you have the more you will stake depending of the % that devs made, most of the coins have halfing of this %.

With POS you don't need any expensive equipment to be able to maintain the network, you only need your computer to be a node in the network (run it 24/7). So everyone have a chance to stake their coins without requirements to high electricity bills etc.

There are some other algorithms except POS and POW. Different devs are trying to find a better solution and balance between the cost to run and maintain the network and its efficiency. For example NEM uses POI or Proof of Importance , there are other protocols as well.

Stockypotty

member

Activity: 79

Merit: 10

completely depend on the coin and their choice?

Apologies for the noob question. But is it a complete guessing game as to what future coins will use POS over POW?

Or is there a particular technology or movement towards POS?

Thanks in advance.

Topic: Do we have any idea if POS is likely to take over POW? Or does it completely... (Read 392 times)