Author: Benjamin Cordes 2014-05-21 15:52:45
Published on: 2014-05-21T15:52:45+00:00
A user named Stephen Reed has completed a whitepaper on a proof-of-stake version of Bitcoin which uses a single nomadic verifiable mint agent and distributed replication of a single blockchain by compensated full nodes to achieve 6-hop, sub-second transaction acknowledgement times. The paper also proposes paying dividends to holders instead of miners and subsidized transaction fees, leading to lower costs. However, the idea is still half-baked as the code is not yet written. Reed plans a hard fork of the Bitcoin blockchain in early 2016, after a year of public system testing and conditioned on wide approval. Referring to the subsidy for miners as "wasting it on miners" is not going to garner much favor. While the paper is not bad, Bitcoin will never change that drastically as it has an indestructible kernel. It will likely experience a slow death in the next 5-10 years. If someone cares for PoS then they can launch their own.
Updated on: 2023-06-08T23:11:01.945737+00:00