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Questions tagged [proof-of-stake]

Proof of stake is an alternative consensus mechanism that adapts mining success chances with the proportion of the cryptocurrency's tokens held by the miner.

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How does proof-of-stake “mining” work?

I know and understand the concept of proof-of-stake. Instead of requiring users to do a certain amount of power-intensive hashing "work", it requires you to own a certain stake of the currency in ...
27
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1answer
11k views

What is proof-of-stake?

As we know one of the important mechanisms of Bitcoin is proof-of-work. How does the concept of proof-of-stake work? How does it differ from proof-of-work?
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4answers
5k views

What are the downsides of proof of stake?

I am very skeptical about the security of the proof of stake system. Is it really that secure? Are there no disadvantages?
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3answers
4k views

Are there alternatives for proof of work?

Bitcoin uses proof of work to secure the network, Ripple uses a global consensus system and PPCoin uses proof of stake. Are there any known alternatives to the above methods?
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2answers
3k views

What is Proof of Burn?

Can someone explain me: What is Proof of Burn What is the difference between Proof of Burn and Proof of Work How Proof of burn works Which virtual currency uses Proof of burn technology instead of ...
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3answers
6k views

How does Proof of Burn work?

I have been trying to make a comparison between PoW, PoS and Proof of Burn. While I understood the other two, I want to know how exactly Proof of Burn helps in attaining the consensus. One burns ...
10
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3answers
20k views

What's the difference between PoW and PoS?

I'm looking for an explanation of the difference between Proof of Work algorithm and the Proof of Stake and how they relate to Bitcoin and the Blockchain. Also looking for a fairly simple, non-...
9
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1answer
2k views

How can Blackcoin get 1st confirmation in 10 seconds?

According to it's official page, Blackcoin used scrypt as its Proof-of-Work during the phase of initial coins' creation. But now it's purely Proof-of-Stake, and they claim to have a speed of just 10 ...
9
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1answer
1k views

What are pros and cons of Tendermint?

The writer describes it as a "solution to the blockchain consensus problem that does not require mining." The white paper is viewable here: http://tendermint.com/docs/tendermint_v04.pdf I don't mean ...
8
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1answer
6k views

How is a proof-of-stake block mined at the block level, and how does it accomplish it's goals?

I've seen many broad overviews of proof-of-stake mining, and descriptions, but I have not seen any good description of what goes into actually mining and verifying a proof-of-stake block, and how it ...
8
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1answer
557 views

In Proof-of-Stake, can the same miner mine a block multiple times in a row?

In Proof-of-Work, there are no rules on who will mine the next block - the selection is random and proportional to miners' computing power. How is the next miner selected in various Proof-of-Stake ...
7
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3answers
372 views

What other whitepapers are there for coin distribution models like POW (proof of work) and POS (proof of stake)?

I'm looking for other types of distribution models for crypto coins that are like POW (proof of work) and POS (proof of stake). I'm assuming these are a type of distribution model for coins, or is ...
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2answers
509 views

How does a mix between Proof of Work/Stake work? (Peercoin)

I think I understand Proof of Stake and Proof of Work from a conceptual point now. For themselves both are good ideas for sure, but how would a crypto currency like Peercoin (PPC) combine both of them?...
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1answer
2k views

Difference between staking and mining?

It seems that one can mine bitcoin to obtain more bitcoins, whereas coins like reddcoin allow staking to have more reddcoins. What is the difference between these two processes ?
6
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1answer
364 views

Is it possible to combine PoW with PoS by taking turns?

I have read about cryptocurrencies and am very excited by many. I have read that one of the worries and constant debates is Proof of Work vs Proof of State with respect to securing the validity of the ...
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3answers
1k views

How to make PoS system work?

In a r/bitcoin I've found the following statement: I think it should be noted that this paper covers a "pure" PoS system, but there have been some hacks to PoS systems to make them "work" (work ...
5
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1answer
175 views

In what sense does the security model of proof-of-stake require users to “log on to the internet every few months”

This is primarily a question about something I heard Vitalik Buterin say in an interview the other day. (Unchained podcast's January 9, 2018 episode, at 34 minutes, 15 seconds) I quote: As far as ...
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1answer
1k views

Is Ethereum essentially Bitcoin with Turing-complete Script?

Is Ethereum essentially Bitcoin with a Turing-complete scripting language and, if I understand correctly, where the script to be executed (not its hash) is placed in the Ethereum blockchain? If so, ...
5
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1answer
253 views

How does Proof-of-Stake works programmatically

I've researched on the internet, but am still confused about how Proof-of-stack works programmatically. As mentioned here, in Proof-of-Stake system, A random Nextcoin is selected to be the next "...
4
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2answers
481 views

How does a miner get selected in Proof Of Stake?

I am trying to understand POS. I get that POS uses currency held analogous to the hash power held in POW system. More the stake we have, more are our chances of mining the block. At various sources I ...
4
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1answer
648 views

What does one need to do to earn Decred through PoS?

If I understand correctly, Decred can be mined through PoS (Proof of Stake) rather than PoW (Proof of Work). What needs to be in place to achieve this? There are some technical details here about ...
4
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1answer
193 views

Do you receive interest on Peercoin if you use an online wallet?

I know Peercoin is proof-of-stake, but if I use an online wallet, will I receive any of the coins generated for my stake? Or do I have to have to download a desktop wallet?
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1answer
617 views

Can someone explain the pitfalls of NXT Proof of Stake's potential issue of “nothing at stake”?

Many people talk about NXT Proof of Stake (PoS) being insecure due to the "nothing at stake" problem. I read up some posts about nothing at stake, but I still do not understand how it works. Can ...
4
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1answer
218 views

Does Proof of Stake Lead to a Positive Feedback Loop?

(I may have horribly misunderstood PoS, so be gentle!) Reading about PoS, the general idea seems to be that each miner has a "hit rate" proportional to their coins / total coins in the system. Now, ...
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2answers
731 views

How does Peercoin (or other PoS) prevent timestamp forging effecting hash attempts or random minting?

I understand that every second the timestamp & potential transactions is hashed. I guess there exists a "start time" on the block chain we can't roll the clock before because transactions with ...
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1answer
554 views

How to mine first block of POS coin

I have tried in all the way to do this by using google and other things .but not find something that give me complete idea for doing this . i have created genesis block successfully and coin is ...
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2answers
347 views

How can I generate more coins while mining on PoS?

I couldn't find the specifics on how would one get more coins with PoS. I understand that with PoW one gets more coins by having more hashing power and running software like cgminer. With PoS, I ...
4
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1answer
272 views

What is the downside of not using Proof of Work for validator selection?

Bitcoin uses Proof of Work for two things: one is to secure the blockchain with strong cryptographic signatures like a Merkle tree, and the other is to crown the validator which "mines" a solution as ...
4
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1answer
325 views

What is the difference between PoW and PoS regarding computations when determining a new block?

According to Buterin there are 600 trillion computations done per second using SHA256. He and other sources say that PoS solves the issue of not requiring so many computations but I do not completely ...
4
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1answer
2k views

What is the key difference between the Proof of Activity proposal and Proof of Stake?

coblee (Litecoin creator) suggested a new Proof of Activity method, to complement Proof of Work, instead of using Proof of Stake (oh my!) Can someone provide a tl;dr of what is the key problem in PoS ...
4
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2answers
689 views

What is special about a private blockchain based on proof of stake?

I recently came across a paper published in 1988 called "A quorum-based commit and termination protocol for distributed database systems". I could not read it because it is not free, but to me this ...
3
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1answer
4k views

How do I join the NXT 2.0 (Ardor) distribution if it isn't an ICO? And how does it affect NXT 1.0 holders?

Can someone explain to me how to join the NXT 2.0 (Ardor) distribution? I've been reading you can't buy into the coin initially or can you? Also how does this affect NXT 1.0 system? It seems to be one ...
3
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1answer
385 views

What are some counter arguments for NXT (nxtcoin) “premine” or initial distribution setup? [closed]

Whenever someone brings up NXT (nxtcoin) as a topic, many people's first reaction is the initial distribution of how nxt was setup. Many consider this a "premine" event and see it as a potential ...
3
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3answers
145 views

Has PoS really been proven secure under comparable assumptions as Bitcoin?

I am just reading this paper which claims to be a formal proof that Cardano's latest Ouroboros PoS protocol ("Genesis") gives similar security guarantees than Bitcoin's PoW protocol. Unfortunately, it ...
3
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2answers
1k views

PoS (Proof of Stake) what happens to the coin age of the change after I send an amount?

Ok simple scenario I have 100 'whatever' coins in a PoS wallet, they are mature and have a stake weight that is approaching the weight to stake and forge a block. I send 1 whatever coin to my freind ...
3
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1answer
622 views

Are there any POS coin open source mobile wallets implementations?

Specifically, I'm interested in the thick clients with Simplified Payment Verification. Haven't found these so far, do they even exist? Why are the POS mobile wallets such poorly distributed ...
3
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1answer
205 views

In Proof-of-Stake, can a block creator fudge the block hash?

In Proof-of-Work, a block hash is costly to manipulate (say, wanting the hash to be even, or have the hash of the hash smaller than some number) since there is a lot of computing power put into ...
3
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2answers
208 views

How does Nxt agree on a chain when “active accounts” can be easily faked?

From what I understand, in Nxt, blocks are mined (or forged) using a system based on Proof-of-Stake where block creation works similarly to a lottery: people have tickets, and the more tickets you ...
3
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1answer
59 views

Ardor Lightweight Contracts: (Almost) trustless way with new Phased Transaction type?

I asked that question on Bitcointalk, but got no response so far. As Lior has proposed to make Stackexchange the main medium of exchange about Ardor I'm asking here. As I read in the FAQ, the main ...
3
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3answers
4k views

How can one create a Genesis Block for a new Proof of Stake Cryptocurrency?

I've been trying to fork the cryptocurrency Clams for about a week now. All of my code is correct to the coin's specifications, but I've been stuck on the creation of the blockchain. The developers ...
3
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1answer
461 views

Peercoin proof-of-stake: When a person with large computing power and a person with a large stake both compete to generate a new block who wins?

In other words, if one user is trying to find a block using staked coins and another using PoW, which one will find it and why? Will there be a fork in the blockchain in this scenario? If yes, then ...
3
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1answer
3k views

PoS (Proof of Stake) - Do you have to leave your wallet QT application open all the time to receive interest? mainly for the coin Philosopher stone

With the PoS (Proof of Stake) setup for the coin Philosopher Stone. Do I have to leave the QT client open all the time in order to receive interest? This coin is based of off PPCoin, so does it do the ...
3
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1answer
327 views

How it is possible to create coins only with the proof of stake system?

Nick Szabo comes 2011 with a alternative proof system wich he calls proof of stake POS. This system was used later by varios coins ( NXT, Peercoin, Blackcoin etc.) but all of them had the genesis ...
3
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1answer
725 views

How is the next forger decided in Nxt?

I've read both the Nxt whitepaper and many other resources on the wiki but I still can't seem to understand how exactly the forging process works. From what I understand, there are a bunch of online ...
3
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1answer
2k views

Are all strategies to mine PPCoin Proof of Stake blocks equivalent?

Alice, Bob and Charlie each own 100 PPCoin, and would like to generate more using Proof of Stake. Alice keeps her ppcoind running all the time Bob stores them offline for a year, and then runs ...
3
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2answers
280 views

Who does the work in proof of stake (POS)?

I heard about proof of stake lately, and people are saying you don't need GPU or any mining power, as long as you have the coins, they will generate you more coins (more coins you have, more earnings ...
3
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1answer
2k views

Forking PIVX - ERROR: CheckBlockHeader() : proof of work failed

I have forked PIVX and generated new genesis block hash, merkle root and nonce, and changed the rewards parameters. It compiles fine and the daemon starts, I have even got 2 nodes connected, but ...
2
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1answer
2k views

Is the Lightning network a proof-of-stake system?

In his recent talk, Andreas Antonopoulos said "By probably the end of 2016, Bitcoin will have a hybrid proof-of-work/proof-of-stake system." and then continues to label the Lightning network as a POS ...
2
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1answer
73 views

What is the “main” difference between consensus mechanism of Bitcoin and Ethereum?

Bitcoin and Ethereum both use proof-of-work (PoW) consensus mechanism. One of differences between Bitcoin Pow and Ethereum PoW is difficulty level, meaning that while in bitcoin block generation rate ...
2
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1answer
62 views

How many transactions per block on Ardor? Plans for scaling?

How many total transactions are there in each Ardor block? Out of the total transactions per block, how many are child chain transactions? What are the limits and what types of scaling solutions are ...