Generally speaking any provable quantity can be a candidate, hashrate, coins, coin-age etc. But not addresses, keys as those are not provable entity thus subject to sybil attack.
Yes the 'voting power' needs to be proportional to the provable quantity and this is what gives protection to the network.
Topic: The "Fairness Principle" in alternate "Proof of X" systems (Read 759 times)
This principle was inspired by this thread on Stack Exchange + chat.
I would like to propose a criteria that should hold in all alternative proof systems.
In Proof of Work systems (e.g. Bitcion/Litecoin), this holds:
If miner1 devotes N times more computational resources (measured in MH/sec) to mining than miner2, than miner1 will, on average, receive N times more financial rewards.
I propose that every Proof of Stake / Proof of Activity must adhere to this next rule:
If hoarder1 devotes N times more financial resources than hoarder2 to block-signing, than hoarder1 will, on average, receive N times more financial rewards.
(financial resources can be devoted to block-signing e.g. by locking them in the blockchain for a certain amount of time ... the details will vary between the system).
I believe that the common designs of Proof of Stake, as well as Proof of Activity both adhere to this principle. I am not too familiar with the details of PPCoin, but I believe it adheres to this principle as well.
In Proof of Work systems (e.g. Bitcion/Litecoin), this holds:
If miner1 devotes N times more computational resources (measured in MH/sec) to mining than miner2, than miner1 will, on average, receive N times more financial rewards.
I propose that every Proof of Stake / Proof of Activity must adhere to this next rule:
If hoarder1 devotes N times more financial resources than hoarder2 to block-signing, than hoarder1 will, on average, receive N times more financial rewards.
(financial resources can be devoted to block-signing e.g. by locking them in the blockchain for a certain amount of time ... the details will vary between the system).
I believe that the common designs of Proof of Stake, as well as Proof of Activity both adhere to this principle. I am not too familiar with the details of PPCoin, but I believe it adheres to this principle as well.
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