Topic: What do you think about this POS algorithm? (Read 657 times)
POS is great, depends on how you set it.
I can think of some problems immediately: A big part of miners would have to agree on which block to sign. There will always be disagreement about which transactions to include and so on. Also, that would require enough people to have their client open all (so that their coins amount to 66% or more of the total). As more coins get lost, it would become progressively harder (because a bigger part of the coins in circulation) and eventually impossible to get to the 66% required.
What do you think about this very simple POS algorithm:
Every block you take the balances of the miners in the last block and have them sign off on the current block.
If 66+% of the miners (measured by stake) sign off on the current block, then the block is accepted.
What issues do you see with this algorithm? Except of course for the Nothing at stake issue where they are signing multiple blocks.
Every block you take the balances of the miners in the last block and have them sign off on the current block.
If 66+% of the miners (measured by stake) sign off on the current block, then the block is accepted.
What issues do you see with this algorithm? Except of course for the Nothing at stake issue where they are signing multiple blocks.
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