Topic: Proof of Stake Mining and NXT's and PPC's Implementations - page 2. (Read 2713 times)

Thank you for this, its a very interesting point. Am I correct in thinking that PPC is SHA-256 hybrid in an attempt to rectify this ability to rewrite coin history if you were a large coin holder in the past?

Here is the main problem with Proof of stake

https://bitcointalksearch.org/topic/m.6751334

PoS need some form of trust like checkpointing or web of trust solutions to solve the problem which undermines the trustless nature  of cryptocuncies. IMO opinion we should aim for algorithms that make crryptocuncies more trustless i.e. removing dependence of pools etc

I'm trying to understand different Proof of Stake (PoS) implementations as they exist in NXT and PPC. I've given an overview of what I've managed to find online so far, but have lots of gaps in my knowledge, can anyone help answer the questions below.

NXT
This uses a 100% PoS mining process so the likelihood of being selected as the next node to mine a block is dictated by how many coins a user has in their unlocked wallet divided by all the other coins in all the other unlocked wallets on the network.

I understand each NXT block is every 60 seconds – how is this enforced by the network?


PPC
This uses a PoS/SHA-256 hybrid, where the reliance on SHA-256 will degrade at a predetermined rate with time.

How is SHA-256 combined with PoS in PPC to generate blocks?

The likelihood of mining a block, for a given unlocked wallet, is dictated by the coin-age of the coins for that wallet, as long as the coins are over 30 days old (not sure how many blocks this is).

How is a specific wallet selected to mine the next block from all the wallets able to use their coin-age?

What is the average block time for PPC and how is this enforced?

With the gradual decrease in reliance on SHA-256 over time how will this affect block generation times?

The bottom post here makes mention of some bugs relating to spending PPC coin age. Can anyone elaborate on what it was?

http://bitcoin.stackexchange.com/questions/20007/how-does-proof-of-stake-mining-work