Proof of Work algorithm in the public chain. - page 2.

Eugenar

sr. member

Activity: 1274

Merit: 278

Quote from: chaoscoinz on January 08, 2020, 07:01:17 AM

I think that proof of work is starting to become obsolete, proof of stake is better and delegated proof of stake seems to be the top contender. I know Bitcoin is the foundation but I think in the future better algorithms will come and replace both proof of stake and proof of work. You also have Byzantine Fault Tolerance and proof of weight. I think the best consensus algorithm is delegated proof of stake, Tron and EOS seem to have the most Dapps on the market and receive the most support.

But if we look at the market, which cryptocurrency is really having most of the market capitalization? It is still bitcoin, but their system is quite inefficient. What more if we could improve this to even transition to proof of stake, saving energy consumption, and making transaction even faster than before. Though, I highly believe the slow transaction speed of bitcoin is what makes it more like a store of value. If it would become faster, people could utilize it to even buy in groceries and conduct small transactions which in fact need its market price to be stable.

chaoscoinz

sr. member

Activity: 1150

Merit: 260

☆Gaget-Pack☆

I think that proof of work is starting to become obsolete, proof of stake is better and delegated proof of stake seems to be the top contender. I know Bitcoin is the foundation but I think in the future better algorithms will come and replace both proof of stake and proof of work. You also have Byzantine Fault Tolerance and proof of weight. I think the best consensus algorithm is delegated proof of stake, Tron and EOS seem to have the most Dapps on the market and receive the most support.

A.N.D.

newbie

Activity: 19

Merit: 2

Quote from: jhontwis on January 06, 2020, 05:42:18 PM

51% Attack can be done technically. But in practice it is very difficult to have such a thing. Besides, instead of budgeting, other ways can be tried. If you are considering manipulation for a coin, all you have to do is simple. Don't make purchase after sale. You direct the price that simple. This is not ethical behavior.

I do not propose to engage in financial manipulations, purchases and sales. The need to buy a large amount of coins for a successful attack by an attacker is an obstacle, because It’s stupid to attack the blockchain in which he invested a lot of money. Losses will exceed gains. As long as an attacker controls less than half of all coins mined, it will be more difficult for him to carry out an attack than in a blockchain with a standard POW algorithm.

jhontwis

full member

Activity: 756

Merit: 104

51% Attack can be done technically. But in practice it is very difficult to have such a thing. Besides, instead of budgeting, other ways can be tried. If you are considering manipulation for a coin, all you have to do is simple. Don't make purchase after sale. You direct the price that simple. This is not ethical behavior.

A.N.D.

newbie

Activity: 19

Merit: 2

Quote from: qwk on January 06, 2020, 03:47:24 PM

I've not given it much thought so far, but there's at least one thing that stood out:

Quote from: https://drive.google.com/file/d/1Ca36qzsXf5bAqm2pFZafQDGdNSyPKSEx/view

The main advantage of this protocol is to protect against 51% attack. In order to overtake the
existing network, an attacker will need to increase the network capacity in proportion to the ratio
of the number of UNIs in a public network to the number of UNIs in a false network. Since the
number of UNIs depends on the number of coins, there is no point in attacking the network in
which the attacker has significant property, so the amount of UNIs available to an attacker will
be significantly less than the number of UNIs in the public network.

I guess that's a logical flaw.
If an attacker were to try a double spend, the network he would attack would always be the one in which he has less coins, i.e. he will have an even greater incentive to attack that network.

This works on the principles of probability theory. The more addresses for UNI generation the attacker controls, the lower the numerical value of the UNI that he can generate. Accordingly, the complexity of mining a block in a hidden chain will be lower. And vice versa. Therefore, for a successful attack, the attacker must invest a lot of money to buy the nodes that will generate the UNI

qwk

donator

Activity: 3542

Merit: 3413

Shitcoin Minimalist

I've not given it much thought so far, but there's at least one thing that stood out:

Quote from: https://drive.google.com/file/d/1Ca36qzsXf5bAqm2pFZafQDGdNSyPKSEx/view

The main advantage of this protocol is to protect against 51% attack. In order to overtake the
existing network, an attacker will need to increase the network capacity in proportion to the ratio
of the number of UNIs in a public network to the number of UNIs in a false network. Since the
number of UNIs depends on the number of coins, there is no point in attacking the network in
which the attacker has significant property, so the amount of UNIs available to an attacker will
be significantly less than the number of UNIs in the public network.

I guess that's a logical flaw.
If an attacker were to try a double spend, the network he would attack would always be the one in which he has less coins, i.e. he will have an even greater incentive to attack that network.

A.N.D.

newbie

Activity: 19

Merit: 2

This algorithm is no more complicated than the standard POW, but gives additional advantages.
Please write your comments on this algorithm.

A.N.D.

newbie

Activity: 19

Merit: 2

Proof of Work algorithm in the public chain.
This is a hybrid algorithm. The algorithm is not typical. The algorithm is more secure than standard POW. There are no analogues at the moment. It is like a bipartisan political system. On the one hand, miners, on the other hand, coin holders. Each of the parties individually cannot influence the system as a whole.

Additional protection against attacks 51%.
Mining pools together will not be able to attack blockchain.
This algorithm is more environmentally friendly. You can save a lot of energy while maintaining the current security level of the blockchain compared to the standard POW.

https://drive.google.com/open?id=1Ca36qzsXf5bAqm2pFZafQDGdNSyPKSEx

Topic: Proof of Work algorithm in the public chain. - page 2. (Read 361 times)