HI People,
I really like the idea of PoS, to stabilize the bitcoin prize and to prevent the big miners to sell huge amount of BTC every day! And ofcourse as a way to profit.
I'm wondering if it is a doable project and if it is possible to implement into the blockchain such a technology?
Thank you
Technically it could be done rather simply:I really like the idea of PoS, to stabilize the bitcoin prize and to prevent the big miners to sell huge amount of BTC every day! And ofcourse as a way to profit.
I'm wondering if it is a doable project and if it is possible to implement into the blockchain such a technology?
Thank you
1. Miners start to sign blocks before publishing them with an address holding a lot of coins.
2. The signatures are transmitted along with the blocks.
3. Full node clients add another layer to their block acceptance logic so that a high value signature is required in addition to difficulty.
However it would almost immediately result in a hard fork so its something everyone would need to agree on.
Even in the case of a massive 51% attack I don't think its the way forward, someone holding a lot of coin like say the NSA could go in and permanently control the blockchain under proof of stake.
A better system would be signed blocks where full nodes accept chains as normal - except if the miners they trust don't make a block for 1000 blocks. Signing would not be required, but optional.
Each modified node would only require 1 trusted signature out of 1000 blocks.
This would mean that everything would continue as normal unless someone started blocking transactions and miners in which case the modified nodes would hardfork and in my opinion continue to work as Bitcoin should.
"Proof of trust"
