Is Proof of Participation is a solution?

ABCbits

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Quote from: jessica.h on September 26, 2019, 09:16:41 AM

PoW is dead in the sense that making a new blockchain using PoW isn't a smart choice at all, since it can be taken over in the same way it happened with Ethereum classic. Nobody likes a 51% attack.

herewith i attach you the discussion https://www.youtube.com/watch?v=Vwu7sYhF6Gs

It's true PoW isn't good solution for new cryptocurrency / blockchain network, especially for algorithm which can be mined with ASIC.
But it also applies to any consensus method where majority always win. PoS could fail if the developer pre-mined lots of coins while dPoS could fail if majority of top-x address working together

diana_s

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(buy lots of coins just to kill the network).

how this is happening?
is it happen before? which altcoin?

joniboini

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Quote from: jessica.h on September 26, 2019, 09:16:41 AM

Nobody likes a 51% attack.

Every consensus has that risk. You can do 51% on PoS too. In PoW the cost to attack the network would depend on the difficulty and money power, while in PoS it's likely going to be money that matters the most (buy lots of coins just to kill the network).

If you're fine with a lower level of decentralization (read: fewer validators/miners), and you want to avoid 51%, maybe PoS would be your choice.

jessica.h

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PoW is dead in the sense that making a new blockchain using PoW isn't a smart choice at all, since it can be taken over in the same way it happened with Ethereum classic. Nobody likes a 51% attack.

herewith i attach you the discussion https://www.youtube.com/watch?v=Vwu7sYhF6Gs

joniboini

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Quote from: jontordor on September 26, 2019, 02:02:27 AM

do you have any altcoin example which uses PoP or PoS Huh

thx in advance

https://steemit.com/cryptocurrency/@andrebarn/list-of-pos-proof-of-stake-coins
https://poslist.org/
https://cryptoslate.com/cryptos/proof-of-stake/

Just Google it with keywords such as PoS coins, PoS list, proof of stake blockchain, etc.

jontordor

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As for experience, you could see altcoin (along with it's community) which uses PoP or PoS.

do you have any altcoin example which uses PoP or PoS Huh

thx in advance

joniboini

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Quote from: jontordor on September 25, 2019, 01:56:23 AM

Since i read some stories behind people nowdays, Proof of Work is not up to date (worth it) anymore
you need to be bloody rich to mine with PoW
is there any other solutions? such as Proof of Participation (PoP) ? Proof of Stake (PoS) ??

Regardless of what consensus you use on a network, the security is related to the total value of that network imo. That means you can't expect a system that runs with $10 to have the same security as the other who have millions or trillions of hash power behind them.

Even if you use PoS when the network is old enough, you'll likely need to stake more coins, and hence, it will require you to spend extra money. On top of that, the network might not be as secure as you think, especially if somebody owns 40% staked coins or so. The solution would be to use a randomized validator, but this still requires you to be on the top list. Long story short, more money means more power and chance to get rewards from mining or staking, regardless of the consensus. What you should worry about is which one is more secure and fast.

DooMAD

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Leave no FUD unchallenged

Quote from: jontordor on September 25, 2019, 01:56:23 AM

Since i read some stories behind people nowdays, Proof of Work is not up to date (worth it) anymore
you need to be bloody rich to mine with PoW
is there any other solutions? such as Proof of Participation (PoP) ? Proof of Stake (PoS) ??
any thought / any experience you guys....?

cheers

That would all depend on what it is you're aiming to accomplish. Unless I'm interpreting your words incorrectly, it sounds like you're asking us how to make money from securing a blockchain, in which case you're barking up the wrong tree in the Development & Technical subforum. In terms of security, the way in which we're currently securing the Bitcoin blockchain is definitely "worth it", even if it isn't profiting you personally.

jontordor

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Since i read some stories behind people nowdays, Proof of Work is not up to date (worth it) anymore
you need to be bloody rich to mine with PoW
is there any other solutions? such as Proof of Participation (PoP) ? Proof of Stake (PoS) ??
any thought / any experience you guys....?

cheers

Topic: Is Proof of Participation is a solution? (Read 217 times)