Author: Kenshiro [] 2019-07-17 10:10:23
Published on: 2019-07-17T10:10:23+00:00
The email conversation discusses the implementation of Proof of Stake (PoS) in Bitcoin as an eco-friendly alternative to Proof of Work (PoW). The author suggests the use of PoS v3.0 with two additional improvements, hardcoded checkpoints and a block explorer or trusted source to download the hash of the current block height manually. However, ZmnSCPxj argues that under the trust-minimization and uncensorability requirements of Bitcoin, nothing is more efficient than PoW. Additionally, hardcoding checkpoints trusts the developers and is not acceptable for trust-minimization. History rewrites are not the only attack possible in PoS, censorship attacks are worse, and stakers can be awarded even more coins to stake. It is difficult to protect against censorship attacks in PoS, and stake-grinding may allow a 49% staker to achieve 51% control. The author mentions that PoS v3.0 is already implemented in several coins, including NXT, which has a market cap of 21 million dollars and is not being attacked. Ethereum is going to PoS next year, but with a different implementation.
Updated on: 2023-06-13T20:03:20.876596+00:00