Byrdman on Nostr: PoW vs. PoS (Proof of Work vs. Proof of Stake) PoS doesn’t work, and if it did, it ...
PoW vs. PoS (Proof of Work vs. Proof of Stake)
PoS doesn’t work, and if it did, it would be undesirable in re-creating the problems that #Bitcoin fixes. #Bitcoin doesn’t really have governance. Governance means organized decisions by committees of people. Miners process transactions and economic nodes enforce consensus rules. Miners have to follow the market, otherwise their blocks are rejected and have no value.
PoS (Proof of Stake) is known as the “nothing at stake” problem. PoS then degrades into a messy proof of work, where miners brute-force permutations of coin ownership history to find the ones where they win the reward. Then that is patched up with various questionable workarounds and repair attempts.
Basically, think of someone joining the network late. How do they know which chain is the right one? When there’s no verifiable work, multiple histories can be created at near zero cost to fool newcomers.
Proof of Work is what keeps #Bitcoin uncorrupted...
Proof of Stake allows others to control the monetary policy, and therefore, the people.
...and #nostr is Proof of Work in the Social Network layer of #Bitcoin #FreedomOfSpeech
PoS doesn’t work, and if it did, it would be undesirable in re-creating the problems that #Bitcoin fixes. #Bitcoin doesn’t really have governance. Governance means organized decisions by committees of people. Miners process transactions and economic nodes enforce consensus rules. Miners have to follow the market, otherwise their blocks are rejected and have no value.
PoS (Proof of Stake) is known as the “nothing at stake” problem. PoS then degrades into a messy proof of work, where miners brute-force permutations of coin ownership history to find the ones where they win the reward. Then that is patched up with various questionable workarounds and repair attempts.
Basically, think of someone joining the network late. How do they know which chain is the right one? When there’s no verifiable work, multiple histories can be created at near zero cost to fool newcomers.
Proof of Work is what keeps #Bitcoin uncorrupted...
Proof of Stake allows others to control the monetary policy, and therefore, the people.
...and #nostr is Proof of Work in the Social Network layer of #Bitcoin #FreedomOfSpeech