Quick survery: Consensus mechanisms | Bitcointalksearch.org

ProfessorZ

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Quote from: ManaMan on May 18, 2018, 05:11:22 PM

For instance I can bet that if we find pro bitcoin guy he could explain why POW matters and why we shouldn't go against it same goes for other consensus that exists out there.

Proof of Work has many interesting properties. Bitcoin uses a specific PoW puzzle based on SHA-256 hash function in order enforce the miner's commitment of hashing power solely to the security of the bitcoin blockchain; also PoW is more resilient in the context of some attack vectors such as Sybil attacks; it also has some downsides of course, but some of them can be refuted from an economical perspective - bitcoin is backed by raw processing power.

Quote from: ManaMan on May 18, 2018, 05:11:22 PM

What is economic based?

Some variations of the PoS model that do not have inherently mathematical proofs and usually are inspired from real world scenarios.

leoliln45

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Nowadays bitcoin is increasing and this bitcoin is mostly acceptable for all of us and many of the country investing money on it and this money will be double after few days later so this coin have bright future and this coin will lead the future world so this may help to increase economic growth and GDP of a country so it really good things.

ManaMan

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Quote from: ProfessorZ on May 16, 2018, 05:18:53 AM

Which one of these mechanisms to achieve consensus are better suited for a global decentralized network?

- Proof of Work / Resources
- Leader based system (e.g. proof of stake)
- Economic based
- Voting based (e.g. virtual voting used by hashgraph)
- Hybrid between one of these

Also let's discuss the advantages and disadvantages and the trade-offs between them.

It depends from the angle you are looking at. For instance I can bet that if we find pro bitcoin guy he could explain why POW matters and why we shouldn't go against it same goes for other consensus that exists out there.

For me POW is costly not in the electricity view (of course this can be called huge problems, but banks are already using a lot of electricity to run their systems) but if we look that you actually need specialized hardware, POS is get rich people richer and it actually forces you to keep your coins rather than to spend it.
What is economic based?

And about hashgraph, not sure as I never went and investigate that one fully.

Emma Alex

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I personally prefer the hybrid version. You can take the good advantages from all of them neglecting the drawbacks. So, yes, I prefer Hybrid between them.

garybyerz

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Very simple and clean survery i would say, i would love to know more, very much looking forward to it.

ProfessorZ

copper member

Activity: 84

Merit: 1

Which one of these mechanisms to achieve consensus are better suited for a global decentralized network?

- Proof of Work / Resources
- Leader based system (e.g. proof of stake)
- Economic based
- Voting based (e.g. virtual voting used by hashgraph)
- Hybrid between one of these

Also let's discuss the advantages and disadvantages and the trade-offs between them.

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