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7 years ago in #crypto by bitcoinflood (79)
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As you said, both have their advantages and disadvantages. I personally prefer PoS for environmental and fairness reasons. This is why I think projects like Steemit, EOS and others have a lot of potential!
is EOS POS when it goes mainnet? Ill have to read up on that some more thanks!
looks like it is DPOS so only a few people actually stake EOS like they do here on steemit im not a big fan of that system it seems to centralized.
More like DPOS yeah it is more centralized but users are able to vote for their favorite block producers. So in a way the community still has power, depending on the distribution of the tokens
Yeah but id love to sit there and make my coins work for me as well no reason my system cant do what theirs is lol
Very Helpful information. thanks for share
Proof of work is a protocol that has the main goal of deterring cyber-attacks such as a distributed denial-of-service attack (DDoS) which has the purpose of exhausting the resources of a computer system by sending multiple fake requests.
Proof of stake is a different way to validate transactions based and achieve the distributed consensus.
It is still an algorithm, and the purpose is the same of the proof of work, but the process to reach the goal is quite different.
Proof of stake first idea was suggested on the bitcointalk forum back in 2011, but the first digital currency to use this method was Peercoin in 2012, together with ShadowCash, Nxt, BlackCoin, NuShares/NuBits, Qora and Nav Coin.
Unlike the proof-of-Work, where the algorithm rewards miners who solve mathematical problems with the goal of validating transactions and creating new blocks, with the proof of stake, the creator of a new block is chosen in a deterministic way, depending on its wealth, also defined as stake.
Conclusion
1 Energy savings;
2 A safer network as attacks become more expensive: if a hacker would like to buy 51% of the total number of coins, the market reacts by fast price appreciation.
I'm also leaning towards more of POS, i think bitmain and all these miners are making way too much money centralising mining and its become a frenzy and a bit of a shitshow.
We're also seeing hybrids of POS now with proof of credit and a few others as well. So i think POS is the way to go, its by no means perfect but im sure it can be improved on over time.
This site www.crypto51.app shows the cost of a 51% attack on pow coins and you can see that the lower marketcap coins are really cheap to attack thus I think that pos should be the way to go longterm to save yourself from such an attack.
Proof of work seems very costly to many but the security benefits outweight the negatives in my opinion.