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Title: Differnce Between Proof of Work and Proof of Stake Post by: firebird2490 on November 28, 2016, 02:31:20 PM What's the difference between proof of stake and proof of work?
Title: Re: Differnce Between Proof of Work and Proof of Stake Post by: eckmar on November 28, 2016, 02:36:30 PM Well since you are in mining Subforum i'll explain what does it matter to miners (I WONT EXPLAIN THE WHOLE CONCEPT)
So when we say for certain coin that it has Proof Of Work that means that it CAN BE MINED. Miners are allocating their hashrate towards the network and for the work they done they receive coins. This is as simple as i can think of now, of course whole concept is much more complicated. When we say for coin that it has Proof Of Stake it's not meant to be mined. You put up your collateral and you receive coins based on that. Something like investment (well all mining is investment but you get the point) Title: Re: Differnce Between Proof of Work and Proof of Stake Post by: dakky on November 28, 2016, 03:38:55 PM What I don't understand, and it's still regarding miners, is what will make confirmations of the transactions when the mining ends (when the coin enters the PoS stage)?
Title: Re: Differnce Between Proof of Work and Proof of Stake Post by: Amph on November 28, 2016, 04:31:45 PM What I don't understand, and it's still regarding miners, is what will make confirmations of the transactions when the mining ends (when the coin enters the PoS stage)? your hahs is your amount of coin, so that is used to confirm the transaction, it's pretty much akin to pow, just use almost no energy this is interesting http://bitcoin.stackexchange.com/questions/25706/how-can-blackcoin-get-1st-confirmation-in-10-seconds Title: Re: Differnce Between Proof of Work and Proof of Stake Post by: dakky on November 28, 2016, 05:08:08 PM So actually people who have more of the coin will get more rewards by more mining. So for example if you owned 1% of all coin mined, you'd get 1% PoS blocks. Does that mean that someone with 0.00001% will never get PoS blocks and therefore never gain anything from mining it? If so, most people will bail out reducing it's price and finally killing the coin...
Title: Re: Differnce Between Proof of Work and Proof of Stake Post by: tbolt256 on November 29, 2016, 05:50:43 AM So actually people who have more of the coin will get more rewards by more mining. So for example if you owned 1% of all coin mined, you'd get 1% PoS blocks. Does that mean that someone with 0.00001% will never get PoS blocks and therefore never gain anything from mining it? If so, most people will bail out reducing it's price and finally killing the coin... it just means that the more you put in the more you stand to gain.............higher the investment, higher the reward Title: Re: Differnce Between Proof of Work and Proof of Stake Post by: Amph on November 29, 2016, 06:53:27 AM So actually people who have more of the coin will get more rewards by more mining. So for example if you owned 1% of all coin mined, you'd get 1% PoS blocks. Does that mean that someone with 0.00001% will never get PoS blocks and therefore never gain anything from mining it? If so, most people will bail out reducing it's price and finally killing the coin... it's like mining if you put 0.00001% of the hashrate you will get almost nothing, there is no difference on how they work usually it's more easy to dump pos because there is no electricity there, so no reason to hold, nothing is backing it up like with pow Title: Re: Differnce Between Proof of Work and Proof of Stake Post by: wheelz1200 on November 29, 2016, 06:17:41 PM So actually people who have more of the coin will get more rewards by more mining. So for example if you owned 1% of all coin mined, you'd get 1% PoS blocks. Does that mean that someone with 0.00001% will never get PoS blocks and therefore never gain anything from mining it? If so, most people will bail out reducing it's price and finally killing the coin... No you will just get (on average) the amount of staked coins available times your percentage of the total amount of coins being staked. If you own .0001% of the total amount of coins and no one else is staking their coins, you will effectively get all of the coins available as stake rewards. That is a key difference. And no if you stake your coins, you should never recieve 0 return, otherwise the code is jacked and you should bail asap |