Bitcoin Forum

The future of digital currency lies in how it fundamentally exists - Proof of work has its draw backs, as does proof of steak. Proof of chain can have a wide distribution reach, but it still depends on people making a few decisions initially. What is the best way for a crypto-currency to exist? I am a ClubCoin developer as as someone working in the industry, I don't think anything which exists now offers an optimal solution.
Thoughts? :o

I think for a coin not to be a scam, it has to be developed constantly to add new features. But that would cost money.

Proof of work is totally ridiculous today! Electric power is wasted and we already have solution -POS.
Maybe is not real solution but it is green! We need something new, more useful, constant progress is future .

Motocoin is implementing a proof of play system I think it's better,you are hitting two birds with one stone you not only getting coins but at the same time playing games,this is a new innovation hopefully we will many gaming site implementing this concept..

proof of steak you say. sounds delicious!

POS with coins put into the hands of people who know how to use them

I love steak but proof-of-stake makes for a better algo

Yeah like Nxt which is now run by one dictator who believes in pruning the historic data.

Guess you didn't read the gory details (https://bitcointalk.org/index.php?topic=1319681.msg13488432#msg13488432).

Edit: and Bitshares:

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There is a solution (https://bitcointalk.org/index.php?topic=1361602.msg13916420#msg13916420) for PoW that uses very little electricity and secures the coin decentralized.

You may not realized how broken Bitcoin is:

https://bitcointalk.org/index.php?topic=1361602.msg13913069#msg13913069
https://bitcointalk.org/index.php?topic=1361602.msg13918857#msg13918857

Perhaps at some point, we will see a new type of "trustless" and "decentralized" model, in the form of Artificial Intelligence.

The main issue with trust and centralization in currencies or transactions is that you don't know what the trusted party might do. A currency issuer might issue another 100% of a currency. An intermediate payment service can withhold money, reverse txs etc.

So you have these simple algorithms in place right now, and the blockchain which is essentially a consensus / ledger where everyone knows what everyone else did, and agrees with it as a historic record. The network also has certain parameters about what the money is, how it is distributed, what is the monetary base - stuff like that which are agreed upon.

But what if we replaced human-operated third parties (banks, paypals, cc's) with an Artificial Intelligence persona, that only operates under a certain window of parameters. In other words the AI is *trusted* to move money from person A to person B, and not keep it, because that is its design function and has no motive to do something else. The AI would be the (trusted) "robotic" manager of every single tx.

This model would probably combine several aspects of efficiency from the centralized/hierarchical model, with those aspects that make simple algorithms more trustworthy than human-operated systems.

It is simultaneously trusted (because you have to trust the AI) and trustless (because you don't expect the AI to fuck you over due to its design parameters and predetermined role). It is simultaneously centralized (as the AI does all the validation of TXs, instead of a multitude of people mining or staking) and decentralized (as the AI "lives" computationally in a P2P type cloud).

In my wallet   :-*

Why blockchain and p2p maybe some other protokol arrive?
Some hacker will publish white paper as soon as he finished his masterpiece i'm sure.. 8)

Nice one :D it could make a career like hodl :)

But back to your question: Each proposed proof-of concept has its advantages and drawbacks. My personal opinion is that the futures lies in a combination of different concepts. There are already coins which uses POW and POS or POS and POB* or even maybe POW, POS and POI**.

* Proof-of-Burn
** Proof-of-Importance

My favorite is the root taxonomy of all non-proof-of-work proofs:

Proof-of-vacuity

Evotion and 1337 have great futures ahead of them

I think the future is in proof-of-doing-useful work-with your-computer.

This has the advantage that compared to proof-of-work no electricity is wasted to solve meaningless hashes and compared to proof of stake coins get produced from something different than interest, which prevents coins being hoarded by just a few people and increases fairness of distribution.

A good example for that is Gridcoin, which rewards computing done for BOINC (https://boinc.berkeley.edu/) in a decentralized way. There are BOINC projects for example to cure Ebola (http://www.worldcommunitygrid.org/research/oet1/overview.do), fold proteins (https://boinc.bakerlab.org/) or find aliens (http://setiathome.ssl.berkeley.edu/). The newly created coins are thus backed by meaningful research done by the person who gets the newly minted coins.

Does bitcoin POW have alternative, i mean better alternative not like POS
Can bitcoin be with one day be switched to it? Is these mean changing of algoritam is this possible at all?

Do some research. You will find some good concepts besides POW (and POS). I already posted some on post #12.

I'm not interested in new coins but rather by new concepts..
I have asked is it possible simpli to switch to another concept.
BTC without POW?
I'm not technical expert, so deep technical conversation is unnecessary.
Simplify if you know to explain , solutions only for BTC!

PoS coin is fine after a few years of PoW. So the user base is larger than the ICO. I do not touch ICO only coins.