Topic: How exactly does PoS work? (Read 451 times)
Can no one explain?
I've tried to do some research on PoS but everything I found was that you get a "chance" of mining a block based on your stake and that's basically all I ever found - anywhere... there was no specific example or anything, so I've got few questions;
1. If I'm correct [I might be not], coins like Ethereum use the miners as the power behind the contracts and thus creating one supercomputer that you basically "rent", right? this might not be correct as I didn't do much of a research, but from what I know it looks like that... for the question: when Ethereum switches from PoW to PoS, the power of that "supercomputer" will go down, as it won't use the "work" anymore, there will be only nodes, right? or are the nodes ones that do the computing of the network for the contracts? while writing this I realize I have no idea how Ethereum works, so could someone explain?
2. when owning a stake, one is entitled to a chance of mining a block, but how does that exactly work? let's say there's a cryptocurrency that has 1 000 000 coins "locked" in for mining and I've locked in 10 of my coins, thus having a 0.001% chance of mining a block - so basically none... are there pools as well, where I coin and take a share whenever a pool is selected to mine a block, or how does the PoS work?!
like, seriously... I watched bunch of videos, looked around for some documents and all I found was basically a simple "you lock in an amount of coins and you are entitled to a chance of mining a next block equal to the stake you own of all locked in coins", but this is basically a lottery unless you've got solid amount of coins locked in with a pretty big chance to be selected! I understand that PoS is better than PoW in a way that you actually don't "waste" the energy and there's a less chance of a 51% attack, but why would anyone want to mine unless they invest shitload of money in coins that they'll have to lock in after, just to mine a few more?
I'm seriously confused by the PoS ... help?
1. If I'm correct [I might be not], coins like Ethereum use the miners as the power behind the contracts and thus creating one supercomputer that you basically "rent", right? this might not be correct as I didn't do much of a research, but from what I know it looks like that... for the question: when Ethereum switches from PoW to PoS, the power of that "supercomputer" will go down, as it won't use the "work" anymore, there will be only nodes, right? or are the nodes ones that do the computing of the network for the contracts? while writing this I realize I have no idea how Ethereum works, so could someone explain?
2. when owning a stake, one is entitled to a chance of mining a block, but how does that exactly work? let's say there's a cryptocurrency that has 1 000 000 coins "locked" in for mining and I've locked in 10 of my coins, thus having a 0.001% chance of mining a block - so basically none... are there pools as well, where I coin and take a share whenever a pool is selected to mine a block, or how does the PoS work?!
like, seriously... I watched bunch of videos, looked around for some documents and all I found was basically a simple "you lock in an amount of coins and you are entitled to a chance of mining a next block equal to the stake you own of all locked in coins", but this is basically a lottery unless you've got solid amount of coins locked in with a pretty big chance to be selected! I understand that PoS is better than PoW in a way that you actually don't "waste" the energy and there's a less chance of a 51% attack, but why would anyone want to mine unless they invest shitload of money in coins that they'll have to lock in after, just to mine a few more?
I'm seriously confused by the PoS ... help?
Me too, man. Seriously, thanks for the question. I hope someone can fill in old dude.
I've tried to do some research on PoS but everything I found was that you get a "chance" of mining a block based on your stake and that's basically all I ever found - anywhere... there was no specific example or anything, so I've got few questions;
1. If I'm correct [I might be not], coins like Ethereum use the miners as the power behind the contracts and thus creating one supercomputer that you basically "rent", right? this might not be correct as I didn't do much of a research, but from what I know it looks like that... for the question: when Ethereum switches from PoW to PoS, the power of that "supercomputer" will go down, as it won't use the "work" anymore, there will be only nodes, right? or are the nodes ones that do the computing of the network for the contracts? while writing this I realize I have no idea how Ethereum works, so could someone explain?
2. when owning a stake, one is entitled to a chance of mining a block, but how does that exactly work? let's say there's a cryptocurrency that has 1 000 000 coins "locked" in for mining and I've locked in 10 of my coins, thus having a 0.001% chance of mining a block - so basically none... are there pools as well, where I coin and take a share whenever a pool is selected to mine a block, or how does the PoS work?!
like, seriously... I watched bunch of videos, looked around for some documents and all I found was basically a simple "you lock in an amount of coins and you are entitled to a chance of mining a next block equal to the stake you own of all locked in coins", but this is basically a lottery unless you've got solid amount of coins locked in with a pretty big chance to be selected! I understand that PoS is better than PoW in a way that you actually don't "waste" the energy and there's a less chance of a 51% attack, but why would anyone want to mine unless they invest shitload of money in coins that they'll have to lock in after, just to mine a few more?
I'm seriously confused by the PoS ... help?
1. If I'm correct [I might be not], coins like Ethereum use the miners as the power behind the contracts and thus creating one supercomputer that you basically "rent", right? this might not be correct as I didn't do much of a research, but from what I know it looks like that... for the question: when Ethereum switches from PoW to PoS, the power of that "supercomputer" will go down, as it won't use the "work" anymore, there will be only nodes, right? or are the nodes ones that do the computing of the network for the contracts? while writing this I realize I have no idea how Ethereum works, so could someone explain?
2. when owning a stake, one is entitled to a chance of mining a block, but how does that exactly work? let's say there's a cryptocurrency that has 1 000 000 coins "locked" in for mining and I've locked in 10 of my coins, thus having a 0.001% chance of mining a block - so basically none... are there pools as well, where I coin and take a share whenever a pool is selected to mine a block, or how does the PoS work?!
like, seriously... I watched bunch of videos, looked around for some documents and all I found was basically a simple "you lock in an amount of coins and you are entitled to a chance of mining a next block equal to the stake you own of all locked in coins", but this is basically a lottery unless you've got solid amount of coins locked in with a pretty big chance to be selected! I understand that PoS is better than PoW in a way that you actually don't "waste" the energy and there's a less chance of a 51% attack, but why would anyone want to mine unless they invest shitload of money in coins that they'll have to lock in after, just to mine a few more?
I'm seriously confused by the PoS ... help?
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