Monero to PoS? | Bitcointalksearch.org

Abiky

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Quote from: eaLiTy on February 14, 2023, 06:58:49 PM

With the SEC targeting exchanges for allowing staking you never know what might happen in the future with the POS hype train, the developers will be reviewing that development and hopefully will not make a bad decision on moving to POS that might make them easier for the authorities to target a privacy centric project.

The SEC can target centralized staking easily, but it's going to have a hard time doing the same with "De-Fi" staking platforms. They might try to go after developers, though. But their chances of success would be low, especially if developers of the project are anonymous. I'd say the recent actions of a US government agency would only stifle the growth of the crypto industry in the long run. They've gone against mixers, and now they're going after centralized staking. What makes you think they won't go after privacy coins too?

Monero would be better off focusing on censorship-resitance by staying a PoW coin forever. It could last a lifetime if it follows Bitcoin's footsteps. Even if developers defect to PoS, there's nothing stopping the community from rejecting changes to the code or simply creating a new hard fork that would continue PoW mining. Who knows if Monero lives alongside Bitcoin and other oldies for generations? Just my opinion

o48o

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I could see a very low change that this would come from directly from devs being considered about enviromental and scaling issues. Because i don't see any pressure coming from outside like regulators or anyone else. Monero is already in trouble for their full blanket privacy so why would they change to POW if they aren't complying with anything else. Then there's the fact that people would just keep mining Monero POW even if there would another consensus algorithm made by devs because they can't just change monero to something else without majority accepting it.

TravelMug

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Quote from: passwordnow on February 14, 2023, 08:56:33 AM

I think hybrid is going to be more desirable if there will be a consensus that it's likable to change into POS. But as much as the more secure and much like is to stay PoW. Since the transition of ETH from PoW to PoS, this gives the idea that any altcoin that currently has the consensus of PoW can turn into PoS depending on its developers and its community's feed back. We all know that these privacy coins have better coverage of what they're aiming for and it's not just all about the market that it has which is concerned for most investors.

I'm not sure what you mean by hybrid though, it's either they moved to PoS or not. I agree with others saying that this could be a suicide move by Monero itself. We all know that they have been in the market because of it the best privacy coins.

If they move away from that concept because they are moving to PoS then it will lost all the feature of being a privacy centric projects. They will break their original principle in my opinion.

fzkto

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I don't think Monero will move to POS because their team are true cypherpunks who pursue the original principles of cryptocurrency. POS coins are more centralised and that would not please Monero developers in the first place. By the way I heard that ZEC will have to move to POS. It will be interesting to see their outcome. Will they be able to maintain their anonymity.

Apocollapse

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If Zcash want to switch from POW to POS, it doesn't mean Monero must follow it!

Honestly Zcash is less decentralized and less anonymous, so it doesn't make any difference if Zcash want to move to use POS. But Monero is 100% decentralized and anonymous, it must use POW in order to achieve decentralization and anonymous.

Adoption through Monero is high and it's already more difficult to mine it, so it would prevent from 51% attack because they need to spend huge money to do that.

eaLiTy

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Quote from: Abiky on February 13, 2023, 11:02:51 AM

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I'd prefer XMR to stay PoW forever just like BTC, but you never know if developers change their mind sometime in the future. Even Zcash proposed the transition to PoS.

With the SEC targeting exchanges for allowing staking you never know what might happen in the future with the POS hype train, the developers will be reviewing that development and hopefully will not make a bad decision on moving to POS that might make them easier for the authorities to target a privacy centric project.

Abiky

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Quote from: cabron on February 13, 2023, 12:21:47 PM

Monero guys are the guys who are more concerned about security and privacy. Since POS fails to provide both of these, the consensus will not win to go for POS.

The government is trying to crack XMR so if they switch POS, this is like selling the users in this network. It would be the end of it and they will dump XMR once this happens.

I really hope so. Else, everything Monero has achieved up to this date will be gone for good. PoS is pure centralization, so I doubt XMR would want to follow the footsteps of other altcoins such as ETH and BNB. If Monero wants to be as strong and resilient as Bitcoin, then it would have no other choice but to remain a PoW cryptocurrency forever. XMR can already be mined by CPUs and GPUs, so energy consumption would be minimal compared to mining with ASICs (if I'm not wrong). Even if PoW consumes a lot of energy, miners can simply rely on renewable energy sources to help protect the environment.

Ultimately, the community will decide the path forward for the Monero project. If there's disagreement among peers, then it's likely there will be a new hard fork that will make use of PoS. Just keep mining XMR as usual. Who knows if you'll get lucky someday? Just my opinion

electronicash

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if it ain't broker why do something to Monero. they seem pretty solid unlike any other coins that have been around when XMR started. there is no reason for the to go POS. they have different users outside the general crypto community and changing to POS will just make them vulnerable.

its not as if they are trying to attrack investors to buy XMR, they already have users coming to keep their privacy.

Yogee

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"Monero: The not so private coin" should be their new caption for their marketing if they ever decide to switch. I can't imagine people shouting for privacy and anonymity but would also advocate Monero under POS. It's like getting annoyed knowing your data is being collected and sold but you still use Google. I don't see that happening either so we may as well drop the idea.

swogerino

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Quote from: Abiky on February 13, 2023, 11:02:51 AM

Many of today's altcoins are switching to PoS just to increase on-chain performance and reduce energy consumption in the long run. I know PoS makes the Blockchain centralized, but it seems like the path crypto is heading to in the future (except Bitcoin). Would you imagine Monero becoming a PoS coin someday? Or at least a hybrid coin making use of both PoW and PoS consensus algorithms? Having a full-fledged privacy coin like Monero turning to PoS would be the first of its kind in the crypto/Blockchain space. I'd prefer XMR to stay PoW forever just like BTC, but you never know if developers change their mind sometime in the future. Even Zcash proposed the transition to PoS.

Do you think there's a possibility Monero will switch to PoS? If not, why? Your input will be greatly appreciated. Thank you.

I don't think a privacy coin will turn into PoS as any coin which has turned to PoS despite their empty promises of less energy consumption which are not true as the complete mining electricity is a very small amount compared to what the world consumes and as such these coins never see any success.I don't believe we will ever see a coin like Monero who has changed algorithm a bit of times if I remember correctly like going from Cryptonight to CryptonightV2 and even some other,to change to PoS,Monero is a true decentralized coin different from Ethereum which was always pressured to go PoS and even his creator wanted it and achieved it,after such transition I don't see any success for Ethereum so if Monero devs are smart they would never change to this PoS consensus.

wajik-tempe

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PoS has its advantages and disadvantages, and it can be argued that it may not be suitable for privacy-focused cryptocurrencies such as Monero that rely on a high level of decentralization and anonymity.
But for the possibility, i think it's possible for Monero to transition to a PoS consensus algorithm in the future, or to implement a hybrid PoW/PoS approach to improve its scalability and energy efficiency.

passwordnow

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I think hybrid is going to be more desirable if there will be a consensus that it's likable to change into POS. But as much as the more secure and much like is to stay PoW. Since the transition of ETH from PoW to PoS, this gives the idea that any altcoin that currently has the consensus of PoW can turn into PoS depending on its developers and its community's feed back. We all know that these privacy coins have better coverage of what they're aiming for and it's not just all about the market that it has which is concerned for most investors.

Bitcoin_Arena

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Monero going to PoS would be like suicide to the project. The people using or supporting the network are there because of the way it is right now. Switching the consensus algo would mean the project would be abandoned by so many folks, and perhaps lead to its death.

Question.

What would make the developers wake up one day and opt for PoS? Fees?

PrivacyG

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If Monero moves to PoS, Monero is finished. I would get out of it immediately and without a doubt.

I imagine there will be a PoS fork of Monero some day, but I do not imagine Monero switching from PoW altogether. We either have a Privacy focused Cryptocurrency or we better have nothing. But having a Cryptocurrency that is supposedly Privacy friendly but actually promotes PoS is contradictory.

Regulators will not be happy with Monero no matter what we do, long as they can not censor and control it. I am using Monero particularly for this freedom it gives me.

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PrivacyG

Yaunfitda

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It could be bad for Monero to switch to PoS, PoW has been their bread and butter for being a privacy centric coins, if they move on that algorithm they will lost everything in my opinion.

So for me, it's a bad move for Monero, they don't have a good image in the first place. Government are regulators are trying to break down them. And so if they move to PoS, it themselves that are going to kill this project.

Jackl87

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Quote from: Abiky on February 13, 2023, 11:02:51 AM

Many of today's altcoins are switching to PoS just to increase on-chain performance and reduce energy consumption in the long run. I know PoS makes the Blockchain centralized, but it seems like the path crypto is heading to in the future (except Bitcoin). Would you imagine Monero becoming a PoS coin someday? Or at least a hybrid coin making use of both PoW and PoS consensus algorithms? Having a full-fledged privacy coin like Monero turning to PoS would be the first of its kind in the crypto/Blockchain space. I'd prefer XMR to stay PoW forever just like BTC, but you never know if developers change their mind sometime in the future. Even Zcash proposed the transition to PoS.
Do you think there's a possibility Monero will switch to PoS? If not, why? Your input will be greatly appreciated. Thank you.

I don't think that Monero will ever switch it's consensus mechanism away from PoW to PoS. That does not mean that it is impossible or that it will never happen in the future but i personally just don't think that it will happen. Also there already was (or still is) a privacy coin that also used PoS as their consensus mechanism, DeepOnion.
Nowadays that project is already dead with a trading volume of only a few hundred $ per day, but back in 2018 or so it was pretty well known because they distributed most of their total supply to members of their signature campaign and a lot of people from this forum were part of that. So it would be not the first time if Monero would switch to PoS.

vv181

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Fetishization of PoS should be easily apprehended by simply forking the project. If there is no initative of it, we can simply deduce the idea is not worth it or there aren't any capable or sane people who are even making that idea come true. In short, the ideas suck.

Any people who are forcing or advocating any coin migrate into PoS should simply participate in the processes of each coin improvements proposal, otherwise, forks it as they wish.

Quote from: makishart on February 13, 2023, 12:22:23 PM

Quote from: Abiky on February 13, 2023, 11:02:51 AM

Do you think there's a possibility Monero will switch to PoS?

There's always possibility for monero to switch from POW to the POS. What you need to do wait for developers think about decreasing energy that consumed by mining monero. that story will be pretty much the same like ethereum but don't mind if you will be seeing bunch of people yelling monero will be centralized coin.~

The fact ETH migrated to PoS tells its users are not prioritizing decentralization. It is different with Monero, the developers and the users are aware of what PoS is capable of and what makes them stick with PoW.

Xal0lex

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Coins are moving towards PoS because it is easier to promote their business, regulators are more loyal to such projects and project can be controlled, censorship can be set, which again is good for regulators and all sorts of supervisors. I can't imagine Monero on PoS, it is tantamount to bitcoin switching to PoS, i.e. it will immediately decrease trust and maybe even kill the whole project and there will be a mass migration from this asset. If Monero changes the consensus, it will kill this coin because monero is very often used for private purposes, no one wants a censored private coin.

makishart

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Quote from: Abiky on February 13, 2023, 11:02:51 AM

Do you think there's a possibility Monero will switch to PoS?

There's always possibility for monero to switch from POW to the POS. What you need to do wait for developers think about decreasing energy that consumed by mining monero. that story will be pretty much the same like ethereum but don't mind if you will be seeing bunch of people yelling monero will be centralized coin. Im feeling doubt if there will be someone who will introduce CCS proposal related with POS implementation to the monero privacy protocol. Cheesy

Quote from: Abiky on February 13, 2023, 11:02:51 AM

If not, why? Your input will be greatly appreciated. Thank you.

Miners will not even like it. Monero has been known as one of alternative coins to be mined after ethereum switched to the POS. I shall remind you with RVN too.

cabron

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Monero guys are the guys who are more concerned about security and privacy. Since POS fails to provide both of these, the consensus will not win to go for POS.

The government is trying to crack XMR so if they switch POS, this is like selling the users in this network. It would be the end of it and they will dump XMR once this happens.

avikz

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Monero has multiple workgroups. So I won't be surprised if Monero decides to move to POS. Anyway Monero uses a CPU only algorithm for mining to have increased network participation. To increase it even further, they can surely move to POS.

But I have not seen any such proposal in their blog or in any news yet. So if you ask for possibility, it is possible but if you ask for plan, I don't see any!

Abiky

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Many of today's altcoins are switching to PoS just to increase on-chain performance and reduce energy consumption in the long run. I know PoS makes the Blockchain centralized, but it seems like the path crypto is heading to in the future (except Bitcoin). Would you imagine Monero becoming a PoS coin someday? Or at least a hybrid coin making use of both PoW and PoS consensus algorithms? Having a full-fledged privacy coin like Monero turning to PoS would be the first of its kind in the crypto/Blockchain space. I'd prefer XMR to stay PoW forever just like BTC, but you never know if developers change their mind sometime in the future. Even Zcash proposed the transition to PoS.

Do you think there's a possibility Monero will switch to PoS? If not, why? Your input will be greatly appreciated. Thank you.

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