Topic: Will PoS completely replace PoW in the future? - page 2. (Read 357 times)

We cannot say this as of yet. Bitcoin has been the biggest coin that supports pow so till bitcoin is living on pow algorithm i do not think that pow is going anywhere yes some coins are changing to pos algo but it will not put much effect on pow untill we have bitcoin with pow protocol.

You mean POW will be possible for comparatively cheaper ? Who can afford to buy ASIC equipment to compete against industry level miners ? I don't think POS is leading to centralization. If it is true then this problem is also applicable with POW consensus. If centralization is possible in POS then I guess 51% attack kind of other attacks also might be possible.

I am not sure that the chances of 51% attack is completely eliminated in POS. I checked with few developers but unfortunately they are also not aware of in this things. I guess POS was not developed for the reason of eliminating the 51% attack but it was derived for providing easy and alternative way of mining for anyone who is the holder of that coin.

I am always very much concern about green environment. This reason is more than enough for me to support POS. But a POS system should be generic for all level of participant like there should not be any minimum requirement for staking. I believe with few improvement, POS may take over POW. Moreover, POS is good for devs' view as sudden and unexpected dumps will not happen frequently as most people will opt for holding to get easy mining rewards.

Agree. PoW is by far the safest consensus algorithm in existence. There's no doubt in that. However, in my opinion, PoW is the most centralized consensus algorithm largely because of the formation of mining pools. In Bitcoin's current state, Bitmain control's most of its hashrate due to the mining pools it controls. In addition, mining equipment becomes more expensive over time (SHA-256 ASICs) which makes home mining unfeasible.

On the other hand, anyone can get into PoS if a minimum amount of coins is held within the wallet. Of course, PoS has some level of centralization, but I believe that it's far less than PoW. Despite this, PoW is still the winner in terms of security against 51% attacks. Perhaps, in the future if PoS won't completely replace PoW, it would simply co-exist with PoW.

Remember, that Ethereum (ETH) will be switching to PoS soon, abandoning PoW at its fullest.



Well, Ethereum will probably become PoS by next year. Due to its popularity, it could become the world's most successful PoS cryptocurrency in existence. Even though PoS was introduced by Peercoin not long ago, it wasn't highly successful because of its flaws (such as Nothing as Stake). Ethereum aims to solve this in a unique approach with its Casper PoS consensus algorithm.

Nonetheless, time will tell us whenever PoS would be the right solution or not. Just my opinion

So far, pos could not prevail and pow still seems to be the measure of things. Somehow i think that will be the same in the future. No pos coin is really successful and it will stay that way.

There is no proven safe consensus mechanism other then POW, all POS coins will die, economically speaking, they can't work.

POS won't replace POW, POS will die.

Because so much faster. If you dive into the characteristics of this project, you will generally understand what is the matter. Especially when you begin to understand what is now more profitable for everyone.

You do have a point there, mate. PoS has some level of centralization, simply because a few players would be able to obtain most of the rewards. Such players are known as whales, where they have a high stake on a specific cryptocurrency's network, leaving small stakers with low (if none) rewards. However, compared with PoW, PoS is much more accessible and decentralized since there's no need for specialized mining equipment. The hybrid approach looks to be a fair model, but not largely implemented in most cryptocurrencies.

Nonetheless, I've thought that PoS might completely replace PoW in the future, because it's highly efficient in energy consumption, and provides better scalability. Another implementation of PoS (known as DPoS) looks to be more democratic, although some say that it's highly centralized. Just my thoughts

POS leads to partial centralization of the system. Since not many users can afford to buy a large amount of cryptocurrency to participate in mining. Therefore, those coins that want decentralization will use POW or hybrid Protocol. Especially now that renewable energy sources are developing very strongly.

Given how friendly to the environment PoS is (compared to PoW), and how it achieves consensus faster, more cryptocurrencies have been implementing it over time. Ethereum will switch from PoW to PoS within the next years, while other newly-born cryptocurrencies have adopted it. It's been known, how vulnerable PoW has been against 51% attacks with hackers stealing millions of dollars from small blockchain networks with low hashrate by performing double-spending.

In the case of PoS, a hacker or attacker would need to grab a large stake of coins to be able to perform double-spending. Depending on the price of the coin, it could become extremely expensive to attack a PoS blockchain.

Nonetheless, do you think that PoS will completely replace PoW in the future?