This thread was translated to Philipino language thanks to member Wish 107.5.
And here is the translated thread: Ano ang PoS at PoW mining? Pagpapakilala sa Masternodes
Topic: What are PoS and PoW mining? Introduction to the Masternodes. (Read 702 times)
...The only question - for each specific coin you need to have some minimum amount in your wallet? Where to know?
This is different in all projects but in the majority, you can stake each amount available.
POS is a great way to earn coins with no high cost for equipment and is easy to manage. One just runs a wallet on a laptop or even a Rasberry Pi and is enough.
Is a really not expensive way comparing to POW where not only equipment costs a lot, but is time and resources hungry. Don't mention the heat, problems and knowledge needed.
Good explanation. I have never been interested in this, but thanks to the clear presentation of the information, it became interesting and I wanted to take advantage of the opportunity that POS mining gives. The only question - for each specific coin you need to have some minimum amount in your wallet? Where to know?
If anyone is interested in POS and masternodes, I have just updated my other post about how to set up a masternode.
This is a complete set with screenshots and all steps one by one.
You do not need any special computer knowledge, Linux or Ubuntu or any other special programs.
(GUIDE) Node, full node, masternode. How to set up one and make money from it?
This is a complete set with screenshots and all steps one by one.
You do not need any special computer knowledge, Linux or Ubuntu or any other special programs.
(GUIDE) Node, full node, masternode. How to set up one and make money from it?
This is a great article about PoW and PoS
Consensus Mechanisms Explained: PoW vs. PoS
Proof of Work vs Proof of Stake: Basic Mining Guide
Consensus Mechanisms Explained: PoW vs. PoS
Proof of Work vs Proof of Stake: Basic Mining Guide
...I don't agree with that. There are both advantages and disadvantages of both systems but PoW is more secure...
Of course both POW and POS have advantages and disadvantages.
In my opinion, POS is better because do not need so many resources like power and mining equipment additionally is much younger as POW.
I am open to talk about this subject with you.
There are Concerns over the PoS Algorithm :
...users have often raised concerns regarding a specific kind of Proof of Stake attacks. It has been feared that this approach to mining capacity determination will lead to a rise in the monopoly in the market as the rich will always be in a better position to mine new blocks.
...the coins must be at stake for a specific period of time, usually a month. Not only can the staked coins not be used otherwise during this period, but they also earn their reward only after the same. Moreover, the staked coins automatically expire after the said period and the user has to go through the process again.
Read more on how Proof of stake will transform the digital currencies.
...users have often raised concerns regarding a specific kind of Proof of Stake attacks. It has been feared that this approach to mining capacity determination will lead to a rise in the monopoly in the market as the rich will always be in a better position to mine new blocks.
...the coins must be at stake for a specific period of time, usually a month. Not only can the staked coins not be used otherwise during this period, but they also earn their reward only after the same. Moreover, the staked coins automatically expire after the said period and the user has to go through the process again.
Read more on how Proof of stake will transform the digital currencies.
I don't know how I missed your post? As you see I try to answer to every post or straight question in this thread.
Thanks for this link, great read. Something new for me and I have to say that I was not aware of.
Everything is evolving and new updates articles like this one published with the newest updates about the subject.
This is new tech and is obvious that we have to adjust our knowledge frequently.
This was supposed to be an introduction so I was expecting facts only but there's also your objective opinion that PoS is the future and is better than PoW. I don't agree with that. There are both advantages and disadvantages of both systems but PoW is more secure. Also in both systems the rich get richer exactly the same way. PoS could become widely available but for now all coins require you to invest 15-20 thousand dollars at least before you're allowed to participate.
...The Masternodecoin is the one attracted me to join the forum, honestly, but that project has not grown well...
Let's hope this project will reborn after the swap and new blockchain launch. Let's hope for the best and prepare for the worst. ...The guide should only focus on steps to buy VPS, choose and setup accounts on masternode hosting platforms, then general steps to setup masternode on those platforms (VPS, and Masternode hosting platform). That's all, masternode investors need...
Thanks again for this detailed suggestion. I have checked my Masternodecoin guide for masternode and is up to date only I have to add these additional pieces of information like VPS, services and so on. I will when I only find the time, I assume at the weekend....Wow, such merits, I don't see them, something like vanishing merits. 
...
Sorry, my fault I was surfing on the forum posting here, answering there and one member merited me in another thread and this last line was directed to him, I just put it in the wrong post. ...
I known that you were a big fan of Masternodecoin, LOL.
The Masternodecoin is the one attracted me to join the forum, honestly, but that project has not grown well.
However, as you said, such guide is for general masternode/ PoS coins, not only for masternode coin.
The guide should only focus on steps to buy VPS, choose and setup accounts on masternode hosting platforms, then general steps to setup masternode on those platforms (VPS, and Masternode hosting platform). That's all, masternode investors need.
The Masternodecoin is the one attracted me to join the forum, honestly, but that project has not grown well.
However, as you said, such guide is for general masternode/ PoS coins, not only for masternode coin.
The guide should only focus on steps to buy VPS, choose and setup accounts on masternode hosting platforms, then general steps to setup masternode on those platforms (VPS, and Masternode hosting platform). That's all, masternode investors need.
I cut out this masternode guide because it was for Masternodecoin and lately this project has some problems and I don't want to advertise it as for now. But this is no problem because this guide is good for all coins with masternodes (POS) so I just remove the names and publish here when is ready.
Wow, such merits, I don't see them, something like vanishing merits. Quote
Thank you for suggestion @tbc_mt2 and merits.
.
.I always thought each algorithm had it's own mining process, cause there are many more algorithms such as DAG, thought they might also have their own miners...
You are right I have described only 2 main mining processes but of course, there are new once developed all the time.
This article was written some time ago and I just updated and posted here recently.
I will try to keep this thread updated and maybe I will add a guide or tutorial with newest pieces of information about mining.
It will be much appreciated by crypto investors, who are not familiar with choosing masternode hosting services, setup steps for their masternodes.
I think that such a guide on steps to set up masternodes, from VPS to masternode hosting platforms, will be warmly welcome and expected from so many users in the community.
It is not a free advertise for VPS providers or masternode hosting services, because such a guide has same purposes as guide on how to use bitcoin wallets (from Ledger, Brain, Electrum, etc.)
So, if you have time, and have good skills with masternode setup, I think you should create such a guide, and include that topic link to the OP.
I think that such a guide on steps to set up masternodes, from VPS to masternode hosting platforms, will be warmly welcome and expected from so many users in the community.
It is not a free advertise for VPS providers or masternode hosting services, because such a guide has same purposes as guide on how to use bitcoin wallets (from Ledger, Brain, Electrum, etc.)
So, if you have time, and have good skills with masternode setup, I think you should create such a guide, and include that topic link to the OP.
I already have such a guide and originally was added to this article but I wrote this almost 2 years ago and never published here only in social media accounts because I thought that the quality is not so good and this topic has to be already discussed on the forum. That was, of course, a mistake and that is why I try to update and publish all my old articles especially because Medium closed my account and I have to spread this links because is a shame for such a knowledge to be gone.
I think Bitcointalk is a perfect place for these writings.
I cut out this masternode guide because it was for Masternodecoin and lately this project has some problems and I don't want to advertise it as for now. But this is no problem because this guide is good for all coins with masternodes (POS) so I just remove the names and publish here when is ready.
Thank you for suggestion @tbc_mt2 and merits.
.
It will be much appreciated by crypto investors, who are not familiar with choosing masternode hosting services, setup steps for their masternodes.
I think that such a guide on steps to set up masternodes, from VPS to masternode hosting platforms, will be warmly welcome and expected from so many users in the community.
It is not a free advertise for VPS providers or masternode hosting services, because such a guide has same purposes as guide on how to use bitcoin wallets (from Ledger, Brain, Electrum, etc.)
So, if you have time, and have good skills with masternode setup, I think you should create such a guide, and include that topic link to the OP.
I think that such a guide on steps to set up masternodes, from VPS to masternode hosting platforms, will be warmly welcome and expected from so many users in the community.
It is not a free advertise for VPS providers or masternode hosting services, because such a guide has same purposes as guide on how to use bitcoin wallets (from Ledger, Brain, Electrum, etc.)
So, if you have time, and have good skills with masternode setup, I think you should create such a guide, and include that topic link to the OP.
...Well detailed post, I would surely be doing follow up research on this and how to mine without hardware
I am happy that you liked my post and more important that you learned something new and even have the drive to dive deeper into this subject which is for me as an author the best reward.
If you want to read more of my post about this subject then here is a link: https://bitcointalksearch.org/topic/guide-masternode-node-full-node-masternode-setup-with-screens-5120117
... Your link to Medium in the OP now states "The author deleted this Medium story", when clicked...
Thank you for suggestions and merits of course.
A few days ago Medium suspended my account. I can see my articles but all my links are showing such a message as quoted above.
I try to contact them but no response as for now and from what I see on the internet from other people with the same situation, I think my account is lost forever.
Lucky I can still download all my old articles but all links from 4 years of writing are affected and had to be changed.
This is just insane how services treat their clients. They are allowed to not disclose the reasons for suspension. Just insane.
Let's start with the fact that cryptocurrency mining methods can be divided into 2 types: Proof-of-Work (PoW) and Proof-of-Stake (PoS).
I always thought each algorithm had it's own mining process, cause there are many more algorithms such as DAG, thought they might also have their own miners.
Well detailed post, I would surely be doing follow up research on this and how to mine without hardware
<…> If anybody has suggestions on how to in an ethical way bump your own thread, I will be glad to hear?
In theory, the following apply:<…> 13. Bumps, "updates" are limited to once per 24 hours.[2] <...>
<…> 21. Old bumps should be deleted. [2] <...>
In practice, outside commerce related threads (Ann, Bounty, Services, etc.) I barely see people bumping threads, and it would be really odd if everyone applied the bum rules to their own threads verbatim, bumping the every 24 hours.<…> 21. Old bumps should be deleted. [2] <...>
I rather much favour organic pumps, where other people’s comments do so naturally, although that may lead to good posts getting lost amongst the mass.
Note: Your link to Medium in the OP now states "The author deleted this Medium story", when clicked.
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The basic wording is “The rich get richer" even more. Who has more coins, earns more. Did those who have enormous computing power work as loaders in the market? Of course, the richer a person is, the greater is his ability to succeed compared to the less rich. So this criticism is also valid for PoW mining.
This is not valid for POW because in POW it will work as probability and probability of having full reward is less but not 0 or you can say each miner has equal chances in solving the problem.
To me, POS look like some kind of close system . Those who got the initial coin if spread their coin to specific users or individual only so than anybody esle will not get that coin for staking.
Practically, In my early days I tried to chase POS coin and nobody told me correctly , that exactly haw many coin I can receive for staking Y amount of coins.
There are Concerns over the PoS Algorithm :
Owing to the number of coins equals mining capacity principle, users have often raised concerns regarding a specific kind of Proof of Stake attacks. It has been feared that this approach to mining capacity determination will lead to a rise in the monopoly in the market as the rich will always be in a better position to mine new blocks.
Although the concern is very much valid, the PoS algorithm is not devoid of the remedies for the same. One of the most effective ways in which this is checked is the aging of the coins.
In order to gain the ability to discover new blocks, the coins must be at stake for a specific period of time, usually a month. Not only can the staked coins not be used otherwise during this period, but they also earn their reward only after the same. Moreover, the staked coins automatically expire after the said period and the user has to go through the process again.
Read more on how Proof of stake will transform the digital currencies.
Owing to the number of coins equals mining capacity principle, users have often raised concerns regarding a specific kind of Proof of Stake attacks. It has been feared that this approach to mining capacity determination will lead to a rise in the monopoly in the market as the rich will always be in a better position to mine new blocks.
Although the concern is very much valid, the PoS algorithm is not devoid of the remedies for the same. One of the most effective ways in which this is checked is the aging of the coins.
In order to gain the ability to discover new blocks, the coins must be at stake for a specific period of time, usually a month. Not only can the staked coins not be used otherwise during this period, but they also earn their reward only after the same. Moreover, the staked coins automatically expire after the said period and the user has to go through the process again.
Read more on how Proof of stake will transform the digital currencies.
You are right and I don't bump my threads. I assume if nobody comments then maybe nobody is interested?
Or perhaps you can move this to mining section? I see that there are no new threads that being created there. Thus, people that really into mining can read the thread and have more constructive opinions.
Quote
If anybody has suggestions on how to in an ethical way bump your own thread, I will be glad to hear?
Posting related articles is great way to bump your thread.
Or some updates as well.
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