Author: Wang Chun 2017-06-19 18:01:45
Published on: 2017-06-19T18:01:45+00:00
Recently, there has been a proposal to change the Proof of Work (PoW) system in case of potential 51% attacks from malicious miners during a fork. However, such a change in PoW would render multi-billion-dollar ASIC investments worthless, which would have a negative impact on the economy and innocent mining users. Instead of changing the PoW, the suggestion is to mix the double sha256 PoW with Proof of Stake (PoS) features to create a PoW+PoS system that offers several advantages. One advantage is that existing multi-billion dollar investments from innocent mining users would be protected. Additionally, a malicious miner would not be able to launch attacks and rewrite the blockchain with 51% or more hashrate. By inserting four PoS blocks between two PoW blocks, the block time span would be reduced to two minutes, which solves the long confirmation time problem. Moreover, the block space would increase by five times, which solves the scaling problem. The PoS blocks only mine transaction fees, so the 21M cap remains. With careful design, the PoW+PoS transition could potentially deploy with a soft fork. Overall, this proposal offers a viable solution to address potential 51% attacks while protecting innocent mining users and the economy.
Updated on: 2023-06-12T02:46:39.336549+00:00