Author: Troy Benjegerdes 2014-04-25 07:33:34
Published on: 2014-04-25T07:33:34+00:00
A member of the Bitcoin community, Stephen Reed, proposed to create a Bitcoin branch that would function as a sandboxed testbed for researching the best Proof-of-Stake implementations. The PoS has been contested as a replacement for the PoW algorithm on which Bitcoin runs. Reed's goal was to develop, test and document PoS while exploring its vulnerabilities and fixing them transparently. He conducted a poll on Bitcointalk with an attention-grabbing title "Annual 10% bitcoin dividends can be ours if Proof-of-Stake full nodes outnumber existing Proof-of-Work full nodes by three-to-one. What is your choice?" out of 31 voters, 14 (45.2%) said they would download and run the existing Proof-of-Work program to fight the change, while 12 (38.7%) said they would download and run the new Proof-of-Stake program to favor the change. Five voters did not care or know enough. Reed suggested calling the project 'bitstake' to differentiate it from Bitcoin, and he believed it might be an interesting application of the side chains concept Peter Todd had discussed. Troy Benjegerdes, another member of the Bitcoin community, responded with a statement that suggested that building and testing the network is the only way to know whether it will work well.
Updated on: 2023-06-08T21:18:15.521821+00:00