Topic: ***Edited*** (Read 167 times)
A very simple logic, if there is no miner then where are these cryptocurrencies produced? Except for some tokens issued by the project, how do other tokens come about?
This will be very terrible, because today many projects use miners as a means of full decentralization, so that people can store decentralized registers, this is the most necessary for complete decentralization.
This time PoW can't secure the network to be the decentralized due to the asic miners can dominate the hashpower. this has already happened with some major coins which tried to develop asic resistant to prevent the possibility of asic domination. PoW becomes a horrible thing right now which cost a lot of energy and it can't be considered as a conservative way. It consumes around 0.1 from the total consumption of energy around the world.
PoW is not complete decentralization again.
There are other models that also garanty almost equal decentralization without the enormous amount of electricity required.
But at the end of the day it's always a tension between efficiency - cost and decentralization, many different blockchains place the cursor at different levels.
Mehdi
But at the end of the day it's always a tension between efficiency - cost and decentralization, many different blockchains place the cursor at different levels.
Mehdi
This will be very terrible, because today many projects use miners as a means of full decentralization, so that people can store decentralized registers, this is the most necessary for complete decentralization.
I think if the blockchain in the absence of miners, then what will happen is the transaction process will be longer, and it is possible that the coinage rate will also be high.
so the role of miners is very important, we must all continue to support the miners, and never underestimate.
so the role of miners is very important, we must all continue to support the miners, and never underestimate.
If you mean miners who use equipment for mining and PoW, then yes, I believe that this is a cost-effective way to confirm transactions, there are more environmentally friendly, for example PoS, on which many coins already work. I believe that using masternodes in combination with PoS can provide reliability and stability of transactions on the network. But there are many other solutions.
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In my opinion mining is one of the basic pillars in the crypto and without it is like if something was missing, but i believe that it can survive with platform and codes appropriate for the transactions, we know that blockchain technology is almost perfect and capable of survive alone. However mining is becoming an art and mining coins tend to be more sought after soon.
There will be no blockchain if theres no existing miners because these people are the reason which why these blocks are being accepted,escpecially bitcoin because it is using POW or proof of work which needs to be mined or processed by these mining rigs,so if bitcoin doesnt have miners who will get those blocks be confirmed?
I don't know exactly, but I have mining pool. So I don't want to loose this opportunity for profit. You know I think that bitcoin and etc. is more business now that idea of freedom.
Certainly blockhain still keep in live. At these days, they dont need miners. Maybe last or two years ago , miners are very important but now I guess not.
Can blockchain and the cryptocurrency ecosystem survive without miners?
Yes, it can survive. Coins that don't use a blockchain but a DAG (directed acyclic graph) can exist without miners (iota, byteball). But i think there are more in the future.
But with almost coins to day, you could not spend them if nobody would mine the transactions., that why you need them.
Can blockchain and the cryptocurrency ecosystem survive without miners?
Centralized cryptocurrencies don't need miners, they can have a central "authority" that adds the transactions into the ledger.
Just since it's centralized, the ledger doesn't necessarily have to be blockchain, it can be any database.
However, as you can see, in this system the miners (whether PoW or PoS) are not needed.
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