Topic: Whats with all these consensus algorithms? (Read 137 times)
I like these innovations. Blockchain and cryptocurrencies are big inventions that can change the world especially payment systems. It's great that people and researches are trying new ideas to make this big technology better. I appreciate them.
There's nothing wrong with people testing out new ideas and seeing what works, per se. But yeah, things do seem to have reached the stage where some of them are more of a novelty than any sort of real improvement over existing mechanisms. It's nothing more than attention seeking gimmickry with some of these concepts. Hype over substance.
Take each one on a case-by-case basis, because they're not all terrible. But just be mindful of anything that sounds like marketing fluff.
Take each one on a case-by-case basis, because they're not all terrible. But just be mindful of anything that sounds like marketing fluff.
There are quite a number if blockchain algorithms that are pretty unique and innovative if you take out the time to read them.
New innovations are always.
And while there are some wide reaches and sine fairly successful ones which I don't quite like, we should always encourage new designs.
I actually wanted to write that myself New innovations are always.
And while there are some wide reaches and sine fairly successful ones which I don't quite like, we should always encourage new designs.
I might just add, that the nature of human innovation is a "trial and error"-based search for best solutions, so be easy on the concepts that don't fulfill all their promises at once. Not to say, that Bitcoin was not the first ever idea for electronic cash either - there were other ways to do that before, they were tried and tested in real life and bitcoin took parts from them and connected those parts in a new innovative way.
There are quite a number if blockchain algorithms that are pretty unique and innovative if you take out the time to read them.
New innovations are always.
And while there are some wide reaches and sine fairly successful ones which I don't quite like, we should always encourage new designs.
New innovations are always.
And while there are some wide reaches and sine fairly successful ones which I don't quite like, we should always encourage new designs.
most of them are developers who are actually trying to change something so they try innovative ideas so that we have alternatives to proof of work and see if we can come up with something that is actually working and can be a viable option for a decentralized currency.
but some of them are just lazy people trying to use some buzzword to create a pump coin they make money from.
but some of them are just lazy people trying to use some buzzword to create a pump coin they make money from.
When we talk about decentralization in this blockchain world, everything is decentralized to the extent that any new improvement or innovation is embrace. Blockchain is all about innovating the world financial system.
Would it be an exaggeration to say that we are bombarded with new algorithms everyday! Its like people sleep and come with an idea that has a slight difference, and boom there you go another algorithm.
Proof of Work (PoW) is the original of all the consensus algorithms. Of course it isn't perfect because of its power consumption problem but the solutions that are offered to solve are as insane as it could be.
Proof of Burn: They say through this the coins are distributed in more decentralized manner than PoW because of ASIC mining but there solution is to burn the coins and waste the resources? Amazing.
Proof of Elapsed Time : It seems all fun that every node will get its fair chance at mining rights but what happens when a malicious node has the shortest time. Not to mention the high dependency on the hardware.
Proof of Stake: Should I even get started on that??
I mean you got my point, I wanted to write about everything but I guess I am already bored.
What do you think? Also, don't take offence it was just my opinion!
Proof of Work (PoW) is the original of all the consensus algorithms. Of course it isn't perfect because of its power consumption problem but the solutions that are offered to solve are as insane as it could be.
Proof of Burn: They say through this the coins are distributed in more decentralized manner than PoW because of ASIC mining but there solution is to burn the coins and waste the resources? Amazing.
Proof of Elapsed Time : It seems all fun that every node will get its fair chance at mining rights but what happens when a malicious node has the shortest time. Not to mention the high dependency on the hardware.
Proof of Stake: Should I even get started on that??
I mean you got my point, I wanted to write about everything but I guess I am already bored.
What do you think? Also, don't take offence it was just my opinion!
Jump to: