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RE: My Thoughts: Witnesses meeting with Tron Representative Roy Liu (Full Recording)

in The LIFESTYLE LOUNGE5 years ago (edited)

The problem is still of governance. The takeover should not have been possible... This is a much more critical problem., but a real solution would involve a shift of power in the consensus witness positions.

This meeting took place after the Sun post. I think that that post was ill considered and hasty. There are cooler heads that shouldn't be derailed by outrage!

I just read that proposal... We offer under 2 million for something that has a market value of 14 million (tokens only) when he bought it. I'm not sure that will fly!

Edit... My mistake, it is for domains and not the tokens!

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Saw this on Twitter today: The Steem Takeover and the Coming Proof-of-Stake Crisis. I like their suggestion for a hybrid of proof-of-work + proof-of-stake.

Steem actually had that for the first couple months I was here, but just one of the witness slots was reserved for miners. It was not enough to have any meaningful influence on blockchain security. And the mining algorithm was buggy. That's why they disabled it in one of those 2016 hardforks.

Dan claimed that DPoS had proven itself and it wasn't worth the effort to try to debug the problems with mining.

Yes, I had also read that one as well! It has been an interesting time, Ethereum #defi also revealed some broken assumptions... It appears that as crypto gets more use, that some of the original assumptions are being seriously tested and in some cases broken. It is good in a way, these things need to be resolved...

However, I wonder if the original witnesses have much vision beyond reclaiming their spots... A hybrid would also be interesting, but low cap coins like Steem are vulnerable in a pure POW... I wonder if the hybrid is protection enough?