Author: Tier Nolan 2015-05-13 10:14:06
Published on: 2015-05-13T10:14:06+00:00
In an email correspondence dated May 13, 2015, Thomas Voegtlin asked about the consensus among core developers on how Bitcoin can work without miner subsidy. While it seems to be working for now, there is still time for more research. Proof of stake has problems with handling long-term reversals, so the main proposal is to slightly weaken the security requirements. With proof of work (POW), a new node only needs to know the genesis block and network rules to determine which of two chains is the strongest. On the other hand, penalties for abusing POS inherently create a time horizon. A suggested POS security model would assume that a full node is a node that resyncs with the network regularly at every N blocks, where N depends on the network rules of the coin. The alternative is that 51% of the holders of coins at the genesis block can rewrite the entire chain. It is worth noting that the genesis block might not be the first block, and a POS coin might still use POW for minting. For more information on this topic, you can refer to the link provided: https://blog.ethereum.org/2014/11/25/proof-stake-learned-love-weak-subjectivity/.
Updated on: 2023-06-09T20:44:03.056433+00:00