I was pretty off the week, that's the reason why I can't comment on the post.
There are 2 common implementations of POS. One is which I mentioned above and Peercoin uses the above implementation of mixed POS and POW.
As going through general terms, the one who has highest stake of coins can mine has maximum possibility to determine the next block. But we may wonder that if a person has around 50% of coins he may have higher chance of finding the block.
That's not true! These chances are prevented by different types of block selection. One is the randomization of blocks and other is the age of coins being held in your wallet. If you hold your coin more than any others then you may solve the block. Once when the block has been solved the age reverts to zero and you need to start from the first. This process secures the network and a decentralized network is created.
Topic: What is exactly POS? (Read 158 times)
Do you know bitcointalk is a great place where lots of ideas flourished for cryptocurrency ecosystem in olden days! POS was first discussed in this forum a long time back here
Since this question has been moved to Altcoin Discussion, you won't be receiving any good replies as spammers float here with shit posts.
For mining to continue,
* We all know that a POW block is created every 10 minutes in the network.
* Once for all the miner finds a valid block, he broadcasts them to the network. If the work is regarded true, then the block is announced in the network. The five signatures signs the hash and transmit to the network. After the signature sequence is complete, the 5th signature publish the POW and POS block.
As far I have understood POS system, I have explained them in simple terms. My understanding may even be wrong.
Thanks.Since this question has been moved to Altcoin Discussion, you won't be receiving any good replies as spammers float here with shit posts.
1. I know it is give more chance of block mining to users that has more coins.
(example : If some user A has 5% of coins of total supply, that user has more 5% chance to mine new block than other users)
Is this right?
Probably. A holder of 5% of coins can mine 5% of POS block. In simple terms for one to mine a POS block, the miner need to sign a POW block in the sequence of 5 randomly selected keys. When he signs for the fifth time, he mines a POS block. When the miner signs for the fifth time, he needed to generate his own block without any POW submissions. This particular block created is called as a POS block (example : If some user A has 5% of coins of total supply, that user has more 5% chance to mine new block than other users)
Is this right?
2-2. If 2 is wrong, then if no mining occur in POS coin, then how transaction confirmed?
For mining to continue,
* We all know that a POW block is created every 10 minutes in the network.
* Once for all the miner finds a valid block, he broadcasts them to the network. If the work is regarded true, then the block is announced in the network. The five signatures signs the hash and transmit to the network. After the signature sequence is complete, the 5th signature publish the POW and POS block.
As far I have understood POS system, I have explained them in simple terms. My understanding may even be wrong.
So even POS coin still have POW block mining?
Then how sequence of blocks mined?
Like this?
POW->POW->POS->POW->POW->POW->POS.....
How is rule of this sequence?
And are there no structure that mined blocks are consisted only as POS?
Do you know bitcointalk is a great place where lots of ideas flourished for cryptocurrency ecosystem in olden days! POS was first discussed in this forum a long time back here
Since this question has been moved to Altcoin Discussion, you won't be receiving any good replies as spammers float here with shit posts.
For mining to continue,
* We all know that a POW block is created every 10 minutes in the network.
* Once for all the miner finds a valid block, he broadcasts them to the network. If the work is regarded true, then the block is announced in the network. The five signatures signs the hash and transmit to the network. After the signature sequence is complete, the 5th signature publish the POW and POS block.
As far I have understood POS system, I have explained them in simple terms. My understanding may even be wrong.
Since this question has been moved to Altcoin Discussion, you won't be receiving any good replies as spammers float here with shit posts.
1. I know it is give more chance of block mining to users that has more coins.
(example : If some user A has 5% of coins of total supply, that user has more 5% chance to mine new block than other users)
Is this right?
Probably. A holder of 5% of coins can mine 5% of POS block. In simple terms for one to mine a POS block, the miner need to sign a POW block in the sequence of 5 randomly selected keys. When he signs for the fifth time, he mines a POS block. When the miner signs for the fifth time, he needed to generate his own block without any POW submissions. This particular block created is called as a POS block (example : If some user A has 5% of coins of total supply, that user has more 5% chance to mine new block than other users)
Is this right?
2-2. If 2 is wrong, then if no mining occur in POS coin, then how transaction confirmed?
For mining to continue,
* We all know that a POW block is created every 10 minutes in the network.
* Once for all the miner finds a valid block, he broadcasts them to the network. If the work is regarded true, then the block is announced in the network. The five signatures signs the hash and transmit to the network. After the signature sequence is complete, the 5th signature publish the POW and POS block.
As far I have understood POS system, I have explained them in simple terms. My understanding may even be wrong.
Proof of Stake. POS
So here questions.
1. I know it is give more chance of block mining to users that has more coins.
(example : If some user A has 5% of coins of total supply, that user has more 5% chance to mine new block than other users)
Is this right?
2. So eventually, mining should continuously forever executed for confirming transactions.
Is this right?
2-2. If 2 is wrong, then if no mining occur in POS coin, then how transaction confirmed?
3. Anything you want to add or comment.
So here questions.
1. I know it is give more chance of block mining to users that has more coins.
(example : If some user A has 5% of coins of total supply, that user has more 5% chance to mine new block than other users)
Is this right?
2. So eventually, mining should continuously forever executed for confirming transactions.
Is this right?
2-2. If 2 is wrong, then if no mining occur in POS coin, then how transaction confirmed?
3. Anything you want to add or comment.
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