Topic: pow/pos/poc (Read 277 times)

Good call -- It is much more likely to see a Proof of Capacity project than Proof of Concept. I probably should have considered explaining that one as well in case he was confused with the original question.

I personally believe PoC (capacity) will be much more regularly utilized in the future. There are a lot of up and coming projects that revolve around decentralized storage.

Maybe you are confusing Proof of Concept and Proof of Capacity?

"Proof of Capacity" is also abbreviated with "PoC" and is a still little-tested consensus algorithm (and yes, it would be a competitor to Proof of Stake and Proof of Work). To "mine", you must allocate space on your hard drive for the process, and the more space you allocate the more chances you have to find blocks and get rewards. It is also called "Proof of space".

The only cryptocurrency I know that is using a public blockchain and this algorithm is Burst, but there are other, even more advanced proposals (see this Wikipedia article and this proposal from Bittorrent creator Bram Cohen).

I think PoW coins will be around a lot longer than 5 years. But, I will agree they are going to phase out "soon."

But to reiterate for the OP --

PoW = Proof of Work. PoW is traditional crypto mining. Using hardware and electricity to provide solutions to work toward solving a block. When a block is solved a reward is granted to the miner(s).

PoS = Proof of Stake. This is when you have a number of coins that you are willing to "freeze" (can't be immediately traded) to support the network/project. PoS is done in many different ways. Sometimes it is through pool leasing and sometimes it is done simply by holding coins in an unlocked (for staking) wallet. You essentially get a small reward for providing assurance that you won't dump all your coins and for using your network (or pool's network) to assist with blockchain transactions -- the amount of coins you or your pool has increases it's weight (likelihood for rewards) and potential reward size. In short, think of this as bank interest for blockchains. The more money you have in savings, the more interest you receive from the bank each month/year.

PoC = Proof of Concept. It is very uncommon to see any crypto using PoC. I believe the general idea is that you need to prove your ability to mine with PoW or to stake a substantial supply of coins with PoS, but don't actually have to mine or stake anything (yet). I haven't participated in any PoC based projects, but I believe this would be something they might implement in early stages of development or before a blockchain transitions from PoW to PoS.

PoW coins future is limited to max 5 years for me. All going to turn PoS and this means less energy and a green world.

In general, that's what it is. Proof of concept is basically the demonstration of a theory in order to confirm potentially feasible concepts, without having any finished product, just the theory.

I think you've read all kinds of nonsense here. You, probably, yourself now can not prove to yourself that you exist. What is proof in general? These are the arguments in favor of the existence of something. Some can prove to you that there is life on the moon. Will you believe it? And the fact that Neznaika was the first cosmonaut?

Proof of work coins are basically obtained (or mined) by work, by some electricity and calculations.
Proof of stake coins are basically obtained by having them and leasing to nodes if I am not wrong. I don't know what proof of concept is.

Hello,

I'm trying to understand the difference between proof of work, proof of stake and proof of concept, but every time I think I get it I read something that completely confuses me.
could someone explain this and not go to much into detail?
and why prefer one over the other?

thank you!