Topic: Will POS become the norm and replace POW forever? (Read 662 times)
I believe so, mining is gradually becoming less rewarding and even Ethereum next major development will include the proof of Stake consensus algorithm. Litecoin and bitcoin halving is next around the corner and it's evident that the goal post is shifting to POS gradually as more and more recent blockchain platforms adopt it or the hybrid model
Nope i dont think so pos is all about weight of holding ,if you early adopter or whale then only u will get significant profit. In pow , mining will be dependent on machine power that is also controlled by big mining farm. I think we should have a new protocol to improve from past experience but pos will be more popular in the future as it consumes less electricity.
Environmental concerns will become increasingly relevant as coins become bigger and mining becomes more difficult. But then this could be rectified by a switch to renewable energy sources as the tech is advancing quickly. And then what happens if the new approach also leads to the heat etc generated by BTC mining being extracted and put to some other use. BTC then becomes a power generator based on renewables. I know it's a bit of a stretch, but by no means impossible.
I don't think that pos will become a norm. why shouldn't stay both together as it is now? Some coins are going for pos and some for pow. i don't see any reason to switch completely off from pow except maybe clima reasons... but guess what, just think about how much energy visa / master card / bank servers need
PoW isn't sustainable in the long-term, not for big coins anyway. Look at the energy expenditure for Bitcoin, it's insane. This can't continue forever. PoW is useful for new coins just starting out, but as they become bigger this approach becomes ever less sustainable.
PoS is one solution to this for mature coins, and can be an stable end state that resolves the energy issue.
PoS is one solution to this for mature coins, and can be an stable end state that resolves the energy issue.
Proof of stake will not replace POW for 100%. Although PoS is becoming much more popular now, it does not have such a great trust level like PoW.
Anyhow, for usual traders, average guy, there will be almost no difference here. I think that we should better concentrate on the most profitable tokens and invest in them now as the market is expected to grow.
Proof Of Work = Bitmain.! 
Sorry Newbie..Peace..!
Sorry Newbie..Peace..!PoW has gone mainly institutional, you need large sums of money and access to cheap electricity in order for it to be profitable. Long gone are the days of people mining bitcoin in a laptop (2010 times lol). Anyway PoS won't replace it as there's too many interests and money going on. I would like to see how the ETH migration plays out, as they are going to have some sort of hybrid approach.
I keep hearing ETH will be moving toward PoS, but it's always followed by "not in the foreseeable future".
I don't think this is because it's not going to happen though, it's just because there is a lot of work going into it to make sure it is implemented correctly. Obviously it's a complex transition and they want to get it right. I suppose they could have done it quicker if they'd gone for DPoS like some other coins have, but I'm glad they didn't go down that 'fake PoS' route.
I do not think that Bitcoin will switch to POS consensus, Bitcoin community is diffrent than Ethereum community and they will not allow it.
Yeah, I don't think that was ever on the table for bitcoin. I keep hearing ETH will be moving toward PoS, but it's always followed by "not in the foreseeable future". I happen to like PoS coins, but only a small handful of them. Currently I'm a fan of PIVX and have earned quite a few coins by staking. I've played around with RDD and Gridcoin, but I'm really not a fan of those and don't think they'll have a real future. And who knows what's going to happen in the future--PoS, PoW, and anything else could become standard. Unfortunately I think there are already way too many coins on the market, and the more that get created the more saturated the whole crypto space becomes.
I used to try my hand at some PoS coins back in 2017 especially, and it was kind of nice to see your staked coins get new coins every now and then so it was a form of getting more and more without any effort other than leaving your wallet open. But the problem was that everybody did it too, so supply was getting bigger and your share was getting smaller because you are left behind by whales.
POS and POW have both advantages and disadvantages. But, it is safe to say that POS has more advantages compared to POW. To date, I haven't heard much of POS coin being victim of 51% attacks or the likes. And rarely would you hear of hacks in POS coins. Is POS the future of cryptocurrencies? Any advice on which technology to invest in will be welcome.
PoS is really a new solution and I fully support it. PoW will really make entrepreneurs lose a lot of costs. The cost of buying equipment, electricity costs and places to place digging equipment for coins. Of course they will have to be taxed because they do business.For PoS, this is really convenient and how much money we can send. The profits will bring back every day and that's great. It is no longer difficult for newbies who want to do business and have passive income.
Proof Of Work = Bitmain.! Sorry Newbie..Peace..!
Sorry Newbie..Peace..!
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Will POS become the norm and replace POW forever?
You 5 years late with this question.Peercoin, the first POS coin = failure
Blackcoin, the first POW-POS coin = failure
Proof of Stake is more beneficial compared than Proof of Work. That is the words I have seeing since PoS project launched. Yes, it is more beneficial to the hodlers. But will it has equity necessarily for all investors? The major problem regarding with PoS is that the biggest shares in the pie are those who will got more profits. However, those who are just small investors have only few profits to be expected. Its unfair somehow. I bet in PoW.
I do not think that Bitcoin will switch to POS consensus, Bitcoin community is diffrent than Ethereum community and they will not allow it.
Yeah, I don't think that was ever on the table for bitcoin. I keep hearing ETH will be moving toward PoS, but it's always followed by "not in the foreseeable future". I happen to like PoS coins, but only a small handful of them. Currently I'm a fan of PIVX and have earned quite a few coins by staking. I've played around with RDD and Gridcoin, but I'm really not a fan of those and don't think they'll have a real future. And who knows what's going to happen in the future--PoS, PoW, and anything else could become standard. Unfortunately I think there are already way too many coins on the market, and the more that get created the more saturated the whole crypto space becomes.
At first PoW made sense ....but the combination of energy consumption as it became an arms race of hash power...
and the security vulnerabilities inherent with PoW have brought more attention to PoS.
Spectrecoin took PoS3 a step further recently with the release of "Proof of Anonymous Stake"....Stealth Staking!
Think of it as Bitcoin with complete and total privacy that works anywhere in the world.
Like to know more about Spectrecoin? just click here
and please join us on our discord server
and the security vulnerabilities inherent with PoW have brought more attention to PoS.
Spectrecoin took PoS3 a step further recently with the release of "Proof of Anonymous Stake"....Stealth Staking!
Think of it as Bitcoin with complete and total privacy that works anywhere in the world.
Like to know more about Spectrecoin? just click here
and please join us on our discord server
PoS is way more convenient for its userbase, therefore has got a higher chance of adoption
51% attack is meaningless:
A PoS coin is protected against a 51% attack because it is practically impossible for someone to gather enough coins
Not enough coins for sale. One would have to gather at least million of coins.
Trying to buy that much coins would push the price to extreme highs.
But once a currency has enough market cap, it becomes extremely unlikely or even impossible to gather enough coins
PoS is an interesting solution for privacy
Staking interest anonymously on anonymous deposits, like Spectrecoin just did (on trustless setup unlike PIVX which)
51% attack is meaningless:
A PoS coin is protected against a 51% attack because it is practically impossible for someone to gather enough coins
Not enough coins for sale. One would have to gather at least million of coins.
Trying to buy that much coins would push the price to extreme highs.
But once a currency has enough market cap, it becomes extremely unlikely or even impossible to gather enough coins
PoS is an interesting solution for privacy
Staking interest anonymously on anonymous deposits, like Spectrecoin just did (on trustless setup unlike PIVX which)
POS is much easier compared to POW therefor most of the miners prepare this kind of method there are many advantages too while having only little flaw. because of this we heard most of the miners talking about it only more than POW. because it is something like simple to do than make yourself stuck on a complicated situation.
PoW isn't sustainable in the long-term, not for big coins anyway. Look at the energy expenditure for Bitcoin, it's insane. This can't continue forever. PoW is useful for new coins just starting out, but as they become bigger this approach becomes ever less sustainable.
PoS is one solution to this for mature coins, and can be an stable end state that resolves the energy issue.
PoS is one solution to this for mature coins, and can be an stable end state that resolves the energy issue.
Well, then Full PoS with your premieres is okay? This 51% hash attack is an oversight of users and miners. Merge mining is currently an effective way to avoid this, and few people know! In addition, some address must have more than 51% of the coins so that the network is 'safe' and usually is the dev that with its premine besides obtaining the most PoS, at any moment can dump on kind people. PoS and PoW does have advantages and disadvantages.
POS is more interesting for newcomers because they see a profit, but they do not understand the risks and possible easy attack on the blockchain.
That´s why I prefer the POW consensus - currently the safest one.
That´s why I prefer the POW consensus - currently the safest one.
additionally some people have been spreading a lot of false information about these algorithms and newbies reading them start thinking that PoS is better than PoW because their source of information was misleading them.
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