Prayank [ARCHIVE] on Nostr: 📅 Original date posted:2021-05-08 📝 Original message:My opinion: 1.I don't ...
📅 Original date posted:2021-05-08
📝 Original message:My opinion:
1.I don't consider PoS to be a better consensus mechanism compared to PoW used in Bitcoin. So any proposal related to PoS in Bitcoin is not an improvement for me.
2.Bitcoin is a protocol for decentralized network that creates consensus without needing a central authority to provide trust. Bitcoin with PoS will be a protocol for a network that creates consensus based on bitcoin holdings.
3.Experiments with PoS can work in trust minimized applications that use Bitcoin or LN or Bitcoin sidechains. However, PoW works better for base layer or Bitcoin protocol.
4.Bitcoin protocol should not be changed based on mainstream media articles, new buzzwords or trends, altcoins, governments etc.
5.Everything involves trade-offs. Not everything needs to be online. Not everything needs to be on a chain of blocks. There are things that you would prefer to save in a spreadsheet offline or write on a paper. Similarly PoS is not the best consensus mechanism for a 'decentralized network' but it may work for projects(not decentralized) that want to use Bitcoin for few things.
6.Most of the Bitcoin users and devs consider PoW used in Bitcoin as the best consensus mechanism. Few people experimenting with PoS will result in another altcoin with nothing much to contribute in improving Bitcoin. I think there are better things to focus on and one of them is privacy.
Few things related to Bitcoin mining that I consider improvements:
-Stratum v2
-More countries started mining bitcoin recently
-Recycling ASIC heat: https://braiins.com/blog/green-innovation-in-bitcoin-mining-recycling-asic-heat
I would love to see people in India researching about creating better ASICs and more involved in Bitcoin mining.
Related links:
https://bitcoin.stackexchange.com/questions/95356/why-doesnt-bitcoin-migrate-to-proof-of-stake
https://download.wpsoftware.net/bitcoin/asic-faq.pdf (Andrew Poelstra)
https://medium.com/@dsl_uiuc/fake-stake-attacks-on-chain-based-proof-of-stake-cryptocurrencies-b8b05723f806
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Prayank
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📝 Original message:My opinion:
1.I don't consider PoS to be a better consensus mechanism compared to PoW used in Bitcoin. So any proposal related to PoS in Bitcoin is not an improvement for me.
2.Bitcoin is a protocol for decentralized network that creates consensus without needing a central authority to provide trust. Bitcoin with PoS will be a protocol for a network that creates consensus based on bitcoin holdings.
3.Experiments with PoS can work in trust minimized applications that use Bitcoin or LN or Bitcoin sidechains. However, PoW works better for base layer or Bitcoin protocol.
4.Bitcoin protocol should not be changed based on mainstream media articles, new buzzwords or trends, altcoins, governments etc.
5.Everything involves trade-offs. Not everything needs to be online. Not everything needs to be on a chain of blocks. There are things that you would prefer to save in a spreadsheet offline or write on a paper. Similarly PoS is not the best consensus mechanism for a 'decentralized network' but it may work for projects(not decentralized) that want to use Bitcoin for few things.
6.Most of the Bitcoin users and devs consider PoW used in Bitcoin as the best consensus mechanism. Few people experimenting with PoS will result in another altcoin with nothing much to contribute in improving Bitcoin. I think there are better things to focus on and one of them is privacy.
Few things related to Bitcoin mining that I consider improvements:
-Stratum v2
-More countries started mining bitcoin recently
-Recycling ASIC heat: https://braiins.com/blog/green-innovation-in-bitcoin-mining-recycling-asic-heat
I would love to see people in India researching about creating better ASICs and more involved in Bitcoin mining.
Related links:
https://bitcoin.stackexchange.com/questions/95356/why-doesnt-bitcoin-migrate-to-proof-of-stake
https://download.wpsoftware.net/bitcoin/asic-faq.pdf (Andrew Poelstra)
https://medium.com/@dsl_uiuc/fake-stake-attacks-on-chain-based-proof-of-stake-cryptocurrencies-b8b05723f806
--
Prayank
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