Hey there guys,
I see a lot of people and BTC devs talk about the size of BTC blockchain as one of the main issues to be solved in the future. What about adding PoS to BTC so it becomes both PoW and PoS coin?
Since mining difficulty is going to go up more and more, only large miners with access to cheap electricity and a lot of capital will stay in the game.
With PoS, even small miners would be able to stay in the game and benefit from holding BTC. I agree, holding BTC does not help crypto adoption and does not bring new retailers but it might bring back profitability into the game which is one of the main reasons people would accept and invest into Bitcoin.
I m not talking about high PoS, something moderate 3% a year, max.
I ve personally invested into a lot of PoW and PoS coins, DMD Diamond is my favorite, and I would like to see BTC getting some shiny new traits as well. After all, in tech world, it is all about constant innovation.
Apparently transitioning a coin from PoW to PoS (or even partial PoS) is actually far from trivial. The Lottocoin dev attempted to do this but failed because the complexity of the task was too much for him to handle:
Lottocoin is almost mined out, should we change it to POS to keep the network moving?
I dont know how to convert the current code to POS while keeping the same blockchain, but We could make a New POS coin, and do
a 1 to 1 coin swap, and also get the exchanges on board to make the process easier.
Any coins not swapped after a certian time, like 6 months, can be distributed via a faucet or something.
If we were to change to POS, how much interest should it pay? 10% 20%..?
What do you guys wanna do?
Link to that thread:
https://bitcointalksearch.org/topic/should-lottocoin-change-to-pos-1028981what about instead of pure pos, a hybrid like pow/pos? It is still not free from problems but, at least it won't take the whole mining activity out of the question
Yes, that is what I had in mind. Keeping PoW and adding PoS.
The POS should have no interest, like NXT or qora, not the type of PPC's POS.
For those coins, stakers still get a reward. It's just that unlike Peercoin which has a fixed reward (fixed interest rate), NXT and Qora have the rewards come directly from transaction fees (variable interest rate).
What fixed rate PoS does it create inflation. Very high fixed rate PoS coins like HYPER have lots of inflation because the total coin supply keeps on going bigger and bigger. This erodes the value of the coin. It's far better to have a reward system like NXT or Qora since only then will the coin supply remain untampered with.
