Author: Billy Tetrud 2021-10-08 15:08:02
Published on: 2021-10-08T15:08:02+00:00
Proof of stake systems aim to create non-gameable attributes, such as collaborative random numbers, using red light-green light mechanisms. Mining, on the other hand, is completely random, making it impossible to know which miner will mine a block. Proof of identity seems like a more suitable mechanism for what has been described, but it cannot be implemented in a decentralized adversarial environment. The Proof of Work consensus mechanism works around the Sybil issue, where a single user can have many identities. While hybrid systems that use both proof of work and proof of stake exist, they are not very effective because their security mostly relies on the weakest piece of the hybrid system. The idea of "green mining" is unlikely to be seriously considered for Bitcoin, and discussions around it have already taken place on Bitcoin Stack Exchange and Bitcoin-dev mailing list.
Updated on: 2023-06-15T02:33:53.237163+00:00