Topic: Will POS become the norm and replace POW forever? (Read 611 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

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.

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 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 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 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..!

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.

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

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)

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.

Privacy and PoS 
https://giphy.com/gifs/ViINIn657Gcgr5zvAA

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.

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.

Well we will have more and more different type of cryptographic validation method
Anyhow yeah, POS is kinda a good validation method

The theory is kinda straightforward, You need 51% of it.
But what's the point of a 51% Attack where you perform the attack and you hold 51% of the coins?
It is kinda a suicide there
DPOS, LPOS is better somehow?

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.

i think proof of stake make more sense then proof of work a lot of projects will use proof of stake in the future and adopt this green and more fair technology in the long run

To be honest I don't think that POS would really be a big thing in crypto currency unless it would have a good active project behind it or some back up to keep the price from dropping down,
I have participated so many POS in the past but most of them just end up dumping but maybe it was my fault for investing in some POS without knowing it ,
There are some POS that has been around for long time like Dash so I think it is good to say that not all of the POS crypto would just end up being worthless or being a shit coin.

POW will give benefits for big miners and that looks the same as POW. Both have a chance to be a centralized coin. POW with its asic miner's problem and POS with the whales that can buy a lot of coins to make it centralized.

POW still the best for keep Blokchain ecosystem for some altcoin, using POS for altcoin is not worth it for keep blockchain from attacker, but pos have advantages they don't need big resource for mining the coin not like POW using big resources for mining the coin, but for me POW still have more advantages for blockchain ecosystem

I think there will be platforms that utilize a mixture of consensus methods. There won't be a one best fit consensus. Take MOAC for example they have a mainchain that uses POW while the sidechains have the option to use POW, POS or any other consensus. This will allow the developerss to determine what works best for what they are deploying

I dont agree with you because in POS, how much high volume coins  you have that much high profit you will get. So POS will be benefited by the whales as they are who are holding lot of coins in their wallet so they now just have to stake them and earn free POS.

So i think both POW and POS  are having benefits and faults. Any coin can be earned high if you hold lot of coins of that project and earn high in POS

Many Altcoin projects offer POW / POS, it is one of their hooks, it is difficult to eliminate one of these possibilities, because people will see it as a weakness, investors like to see many characteristics, I think it is still feasible to support both, because Somehow people get the motivation to encourage them to continue investing and believing in technology.

Yes, I think PoW has too many inconveniences. It causes a lot of power resources to be lost when decoding blocks and investors need to spend a lot of money to buy GPUs, rent land and find businesses that sell cheap electricity.
Meanwhile, PoS decodes blocks very easily with your money. will often bring you stable interest rates.
I appreciate PoS more and PoW future will no longer be used.

Yes, PoS will basically take out the issue of requiring the processing power and the energy to complete the PoW calculation.

Generally, PoS is by all means a better solution to POW antilogarithms  and more superior arrangement as it will make the block chain more secure, definitely diminish its capacity utilization, and decrease the time it takes to make exchanges.

As you can see, Ethereum actually uses PoW but is scheduled to change to PoS soon. This is a clear indication that the replacement of POW with POS is certain as you rightly said.

But remember about the possibility of POW gets 51% attack and that means any consensus have possibility to become centralized thing. Some POW have been getting it and it looks like so easy to create such 51% attack and make POW becomes centralized.

Proof of Stake can be heavily centralized.
If centralization is not an attack on decentralized network, I wonder what it is. They both have their advantages and disadvantages. Hybrid mining(PoW+PoS) might be better.

POW isn't sustainable long-term. It's simpler I suppose than POS which is why POW is how things started out. But just from energy consumption alone POW isn't workable as a long-term solution. Crypto is malleable though, so a coin that is POW at the moment could well switch to POS in future.

I really like this new model. PoS is really a great choice for investors who want stable profits. Investors don't need to buy GPUs and some mechanical equipment to dig coins anymore, it has been the past.
Currently PoS is launched with the speed of processing extremely fast chain and always has stable and good interest rates for investors without having to go through many difficult steps.

the grass is always greener on the other side of the fence!

that has been the case with POW versus POS algorithms. of course the altcoin advertisements that are filled with lies and exaggerations don't help that either.

It is certainly the trend of the future in the coming years. PoW really consumes a lot of capital and productivity is still not as good as PoS. Besides, the machine will be old and we need to reinvest again, it will really be detrimental.
PoS is really convenient for long-term hold. and it will also help some altcoins maintain the same stable value as ETH.
PoS really has no weaknesses except that investors need a lot of money.

The fact that PoW is not environmentally friendly has been talked about for a long time, so I believe that there will be some changes and transition to other algorithms. Yes, PoW is considered more decentralized, but attacks of 51% occur more and more often, and the concentration of power in the hands of some people becomes the most real, unlike PoS.

imagine a highway and you are on one side of it. you see a 1 dollar bill on the other side of the highway on the ground, will you cross the highway to take it?
now imagine if that 1 dollar bill is a ton of gold instead waiting to be taken. will you cross it then?

that is what "incentive" means. there isn't really any incentive to perform many of the attacks on smaller altcoins that do have bugs. most of the times it will cost more to perform the attack, not to mention the legal precautions that can threaten the attacker.

and the problem with PoS is not just attack surface, it is also the flawed design. for starters the fact that a whale gets paid for doing absolutely nothing and is capable of keeping his huge bag intact while dumping large free money on the market for a lot of money is seriously flawed. it basically makes rich people richer not to mention that coins with premine enjoy this the most!

there is a lot of incentive to run a bitcoin full node you just don't see it because you are seeing everything in terms of "how can i make more money".
the incentive to run a bitcoin full node is the capability of being part of a decentralized network that depends on you. so if you want to use it that way you contribute.

i don't deny that PoW has flaws and is not the best thing that we can hope for but it is the best thing among other algorithms so far.

In terms of energy efficiency, the PoS has a significant advantage and will dominate the PoW in the future. But there are other types of blockchain consensus algorithms, such as: Delegated Proof-of-Stake (DPoS), Leased Proof-of-Stake (LPoS), Proof-of-Capacity (PoC), Proof-of-Importance (PoI) ), Proof-of-Activity (PoA), Proof-of-Authority (PoAuthority), Proof-of-Burn (PoB) and others. Therefore, I think that PoW coins will become smaller.

Bitcoin will stick to PoW, I don't think that it will ever replace its consensus to PoS. It's an advantage for the rich people to get richer but it's not always like that.
If you are an enthusiasts and investor, you'll see some other ways to grow in this market, not just by blaming this kind of situation.

I don't think the PoS will be a better future because it looks weak for financially. PoS  may have something like you say but direct involvement with a real one has no potential at all, PoW will have more development than now in the future and i belive it

People are still asking what will survive: POW, POS, Bitcoin, altcoins, ICO, ISO ...!? The cryptocurrency market is just developing and crystalizing. It is still a very small market compared to the entire financial market. There will be a place for everyone. I am sure that it will survive POS and POW, and everyone will choose what suits him better.

The problem with POS is that the rich get richer and there is no benefit for the poorer people. Bitcoin should stick with POW while others like ethereum can do their switch to POS instead

Yes, Absolutely POS will completely replace POW, soon in near future. I think it's weird when some coins are stick to POW, when they can just using POS. POW is really source-consuming, in all term, computing, electricity. Thus by that, it also make POW are less environmental-friendly. Right now, everything in this world are moving forward to the path of energy saving and environment-friendly, and I think crypto will follow.

What is the logic of making distribution more difficult? The pure PoS system passes no confidence and its origin grants the creator absurd control of the coins. I think you should be dissatisfied with what the PoW industry has become, but will probably cry blood if PoS is legitimized as a trend! To prevent attacks of 51% there are some features that were thought even before these discussions on PoS and Pow.

Both these POW and POS camps and some that are hybrids of these two are going to stay around. Coin communities will follow whatever consensus method suits them.

I do not think that Bitcoin will switch to POS consensus, Bitcoin community is diffrent than Ethereum community and they will not allow it. Not every cryptocurrency can switch to this consensus because the cryptocurrency has to be made for. I think that there will be much more consesus and I am okay with that.

It is likely that in the nearest future, we would have more people/companies adopting POS, but for now people still have to test the system, and if that test is passed, mass adoption will be the case. Vitalik sent a message to google asking them to include ETH icon in their keyboard but google said they cant because other systems apart from Bitcoin are still under test.

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you haven't heard a 51% attack on PoS coins because that attack is specific to PoW. but there are lots of other attacks against PoS that you can find if you look for them and they don't apply to PoW.
But none have materialized as far as we know. So far, it has only been on paper.
Regardless, see with POS, one can have passive income while helping the network. But, with POS, hosting a full BTC node of almost 200GB of data provides no incentives. Ever POW coin will somehow end with over several TB of data, making it challenging for anyone to hold for free in the long run. Maybe the BTC devs should think of a way to incentive full nodes by adding some kind of POS. Dont you think so?

actually it is the other way around meaning PoS has a lot more disadvantages compared to PoW and it is more centralized and has a lot more surface of attacks.

you haven't heard a 51% attack on PoS coins because that attack is specific to PoW. but there are lots of other attacks against PoS that you can find if you look for them and they don't apply to PoW.

No!

i don't give advice like this ever but i can say a coin doesn't become a good investment based on its mining algorithm.

So many coins are sitting on the PoS and I think they are right, this is much more effective, although many now disagree with me.

This is a big debate of the people in the community. Many are PRO-POS protocol but many are still liking the idea of PoW. I like PoS as it will give passive income to most that has been holding. But PoW is made to be against attacks so that's still being used by bitcoin.
I think I'll stick to PoW but if something goes better with PoW and we will see it if ETH will prove that it's better.

The biggest problem of PoS is that it's unproven. But if it works well and gets proven, the coin that makes it a success (ETH) will enjoy massive success as well.
Of course there's potential issues, but nothing that should scare us from actually trying it out.

I have nothing against the PoS system, in fact I participate in projects and I have deals with this something, but they will never replace PoW! The funny and cool of the crypto is just power mining your coin, you could argue that today there is an industry that has centralized this something, but it does not matter, it is important to have possibilities. It is healthy for PoS and PoW advocates to use these systems as well.

I do not think that hack resistance is correlated with the hash calculation method. But many people do not like PoW due to energy intensity and technical difficulties. Thus, the future for any kind of mining except PoW. Of course, bitcoin is an exception .

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.