Topic: Will PoS completely replace PoW in the future? (Read 357 times)

That's yet to be seen, once Ethereum upgrades from PoW to PoS. Ethereum's promise is to provide a secure blockchain for smart contracts in the most efficient way possible. PoS cryptocurrencies before ETH, had several issues such as the "Nothing at Stake" problem which make them relatively unsecure when compared against PoW cryptocurrencies like Bitcoin and Litecoin. The thing is that PoS might never replace PoW, because it's not the All-in-one solution for security and scalability. The same thing could be said about PoW.

Which is why, it's best to have a diversity of consensus algorithms, as it will help blockchain technology mature over time. In case of Ethereum, many people are waiting for PoS to come alive. Once it's battle-tested against the well-known issues of PoS, then it could probably take the crypto world by storm. I believe that a perfect PoS system would prevent the rich from becoming richer, enabling anyone to secure the blockchain and earn rewards. Just my thoughts

I am really curious if ethereum manages to solve pos's problems.
If they can really do that, i see a bright future for ethereum and pos coins.
If the pos system from ethereum works well, we will certainly get many pos clone coins on the market.

You do have a point there, mate. Considering how big Bitmain is as an ASIC manufacturer, it would resist a change in algo (in case Bitcoin decides to migrate to PoS). For this reason, both PoW and PoS would head their separate ways, since there are business interests from one another. PoS may be eco-friendly, but it has some weaknesses which prevent it to be an All-in-one solution for cryptocurrencies. On the other hand, PoW is harmful to the environment, but provides high security and reliability with the only weakness that it could become centralized by a few mining pools.

What's best here is to combine both PoW and PoS as a hybrid solution. Some cryptocurrencies have already done this, but the majority have chosen a single consensus algorithm instead. The vast number of consensus algorithms available today, would allow the blockchain industry to improve in many ways. Depending on the specific purpose of a cryptocurrency or blockchain network, will be the consensus algorithm to use. So far, Bitcoin has been using PoW and it's been successful at it.

Therefore, there's a high probability that PoW and PoS would co-exist alongside each other for many years to come. Just my thoughts

all depends on the cryptocurrency market conditions, if only the BTC price increases to 6k USD, then the position of the miner will still be in demand by most people, because to get money, we really have to work, open save money
but PoS still gets interested from rich people, because they want something simple and produce with their own money that is too much
keep in mind, that if there is an error in the PoST algorithm, such as hacking or other cases, the investment trend for staking purposes will decrease

I think that the mining of the POS mechanism cannot completely replace the POW mechanism. If it is replaced, it will definitely be strongly resisted by the mining machine manufacturers.

It's always good to have a diversity of consensus algorithms, as they prove to be experimental grounds towards the future development of blockchain technology. Every consensus algorithm has its advantages and disadvantages. However, the most important thing is the security of a specific consensus algorithm to maintain the blockchain safe against 51% attacks.

PoW, although being extremely resource intensive, it's highly secure against 51% attacks if there's an enormous amount of hashpower within a specific cryptocurrency's blockchain network. On the other hand, PoS is much faster and less resource intensive than PoW, but it could be extremely vulnerable to 51% attacks if the underlying cryptocurrency is inexpensive in price. A hybrid approach (PoW + PoS) could be the future of cryptocurrencies as we know it. Over time, it will be proven that PoS cannot completely replace PoW and viceversa.

Nonetheless, whenever it's DAG, PoS, PoW, DPoS, or even dBFT, each consensus algorithm is unique with their respective advantages/disadvantages. Depending on a specific cryptocurrency's needs, will be the consensus algorithm to use. As for me, I find PoS and DPoS to be the most effective consensus algorithms in existence.

Then why hasn't it happened yet? It may sounds easier in theory but in reality it's quite harder. Why would in the earth will someone spend everything in return of nothing.

This is the latest visual representation of Hashrate distribution.



Tell me who is going to for 51% attack and why would even they will do that?

It is absolutely correct, even if it comes today from electricity, I also think that the proposed option with POS is much more profitable, despite the fact that the banking sector spends much more money on electricity.

PoS is the best alternative for the future of cryptocurrencies. Given the fact that there are already problems with providing electricity to the country, in the future this problem will only worsen and for the development of cryptocurrencies it can become a serious problem. And in general, I'm for the environmentally friendly types of consensus that won't deplete the finite reserves of our planet.

PoW is not safe, that is just a myth to fool the clueless into throwing their fiat at it.
A College Student released a page showing how little it could cost to 51% attack PoW coins for 1 hour using nothing more than rented hashrate.
https://www.crypto51.app/

Proof of Stake have been around since 2013, and none of the fairly tales myths told by PoW hopefuls have destroyed PoS.
PoS is here to stay, PoW's pure waste of resources may be it's undoing sooner, rather than later. 

 

There are positives and negatives, this is always the case, as usual, the medal has two sides, here I also want to say that you need to correctly understand which model is outdated today, and which can still work.

I think the best to do is leave behind PoS exclusive and PoW exclusive coins and have coins that do both PoS and PoW. This way the coin is better protected against 51% attacks and the incestor feels more protected to place his trust and his money at the coin.

That's certainly true, mate. If Bitcoin remains as a PoW cryptocurrency, then the algorithm itself may never die. I believe that Bitcoin has stayed with PoW, simply because it's the most secure consensus algorithm to date. While there's a huge flaw inherent within PoW which makes the formation of centralized mining pools possible, it could easily be fixed with the newly proposed Optical PoW (PoW+) or a change in the stratum protocol (I believe it's called betterhash).

Despite this, PoS is still the most energy efficient consensus algorithm to date. The benefits are numerous not only limited to energy efficiency, but also faster speeds and low fees. Because of this, Ethereum will switch to PoS soon making the platform scalable than ever. With Ethereum's current prices and the minimum amount of coins required for staking, it'll become extremely expensive to perform a 51% attack on its blockchain.

Nonetheless, time will tell us whenever PoS would fail or live alongside PoW and other consensus algorithms for a long time. Just my opinion



PoW is terrible for small blockchain networks, as the hacker could easily perform double spending at a low cost. On the other hand, PoS seems to be much more expensive than PoW since it relies on a minimum ownership of coins based on their current price. The only downside of this is that if a specific cryptocurrency is dirt cheap, then double spending attacks would become inexpensive to perform. Which is why, I believe that the best solution would be a hybrid PoW/PoS model. This takes advantage of the security of the PoW consensus algorithm, while adding an extra level of security and energy efficiency by staking.

Speaking of hybrid consensus, Magi (XMG) is a hybrid cryptocurrency which provides the benefits of both PoW and PoS, making double spending attacks extremely expensive to perform by a hacker. On the other hand, dPoW (Delayed Proof of Work) is a different consensus algorithm that provides a high level of security to any blockchain network, because it "notarizes" transaction data into the Bitcoin blockchain. Since Bitcoin is extremely secure, cryptocurrencies which make use of dPoW would obtain the same level of security as Bitcoin making double spending attacks unfeasible.

In as much as the PoS has been greatly admired by the entire cryptospace i would not say that it would completely replace it but then it can be largely used by the crypto community depending on the blockchain network that is being used. For all we know there can be a development of a modified form of PoW which may be environmentally friendly and also very easy to operate on.

Now is actually the best time to buy mining equipment at discount rates. Lots of bigger mining companies are selling their miners very cheaply, just because the prices have slumped so much lately.

I reckon small-scale operations could still be profitable, but it entirely depends on how much they'd pay for their hardware and electricity.

If you live in an area where you can benefit from hydroelectric power (very cheap), then I imagine it would still be profitable to mine Bitcoin, even at these prices.

I think it's impossible, because Pow will continue to survive. many people remain loyal to this consensus. for those who do not have much POW money is a good choice. while POS has too many problems, we have to produce coins from POS that cannot survive in the market. when there is a dump there will be many people selling the coins.

yes you're right, the POW system won't die. but if the higher costs incurred for mining, sooner or later people will start switching to POS.

I think PoW will never be able to replace PoS completely because both of them have their respective strengths so they deserve to be defended without having to leave one of them, only that the PoW will definitely be used more than the PoS
This is like Android, IOS and Windows, so even if one has advantages over the other, the enthusiasts will still be there, because they adjust according to their needs

And for some reason, it seems to me that POW is still beginning to become obsolete, despite the fact that today there is a sense to really look closely at improving this protocol. Maybe in this case, increase the speed.

It's a welcome idea and I see it succeeding. There have been several attacks and hacks on ethereum platform. If the mechanism of POS will make it tougher of any for of attack to be executed, then it will be of great help, most especially for tokens that use the platform of ethereum. POW is in its simplicity, which is why Isis very vulnerable, while POS is more complex, by  encoding extra rules into its software.