Bitcoin Forum

There are many different methods to secure cryptocurrencies, such as Proof of Work, Proof of Stake, hybrid PoW/PoS, and many more.

However, I'm curious to know which of these methods are the most secure for a cryptocurrency, to help protect it against 51% attacks, and other factors. Sorry for asking such question, but I just want to know your opinion for it, as it would help me establish my own cryptocurrency in the future.

By the way, if there are other methods that I may have missed from the poll, then feel free to share it with me, and express your opinion about it.  ;D

Does anyone have any opinion about this? Sorry for my ignorance in making the question in the first place, but I really want to know your recommendations on which method of generating cryptocurrencies is more secure, in order to apply it towards a new alternative cryptocurrency that I'll be working on.  :-\

standard proof of work is still the best one, hybrid may also work but as long as you have pow you are fine, all other are trash and just a way to scam people

I always thought that hybrid was one of the most secure due to the fact that the attacker would need to have a stake of coins, as well as 51% of the total hashrate to perform a successful attack. Still, good old Proof of Work, although energy intensive, aims to secure the coin in a fair, and perhaps a more decentralized way than Proof of Stake mining.

As for Ethereum, it will aim to bring a new Proof of Stake concept that might be worth looking into implementing it on other alts, if it proves to become successful. Just sharing my thoughts.  :)

Sorry, I do not understand the fuzz about security and mining (no need there).

Maybe you should give a better formulation to your question.

... nothing I could vote for, in correlation 2 mining.

;) PanneKopp

Thanks for sharing your opinion. Just wanted to have a better overview of which of the above methods are the best to help secure a cryptocurrency by minimizing the chances of a 51% attack.

As I'm planning to make my own alternative cryptocurrency, I'm looking for ways that would help secure the coin against these attacks as well as make it accessible for any average Joe to jump right in and support the network, thus making the coin even more centralized.

I have seen that methods like Proof of Work in Bitcoin, make the network stronger but it has the possibility of its mining process to become centralized if one entity has the most hashrate. It is one of the issues that Bitcoin is facing right now with those chinese mining pools, but I hope that it could be solved soon and help decentralize the coin even further.

In the case of Proof of Stake, those who have the most coins are the ones who get the most reward, but can also have the ability to take control of the network (like PoW) increasing the chances of a 51% attack. Just sharing my thoughts  :)

It's not how the coins are created that is the issue, it's who creates them and how many. You seem to have answered your
own question, both POW and POS are susceptible to 51% attack under the same conditions.

There are multiple ways of mining coin like PoW,PoS,Hybrid(PoW + PoS). But the most reliable one till date as in my opinion is PoW. PoW  (an protocol/an function) which is used to prevent spam on network by requiring some work from service requester usually meaning  processing time of an computer.

Most PoS coins are losing value.

This is PoW. That's the technology Satoshi invented, and that's the most used one. Beside giving your altcoin a true value unlike the valueless PoS coins, this is the strongest way of securing a coin if you have a good decentralisation of the miners, and enough miners, of course !

I see that POW is still better mining method but how well we can choose the mining method.
POW and SHA Algo will is the best one at the present.

Thanks for sharing for your opinions. While Proof of Work may be energy intensive, it does better in securing the network than Proof of Stake by making it a truly decentralized way of minting new coins. I've never found PoS a great way to secure a cryptocurrency, as those who prove to have the biggest stakes on the network might gain control of the cryptocurrency. While there are many PoS coins out there with good devs, most of them are very inexpensive when compared to PoW coins.

In the end, I think that I might choose dPoW for my new altcoin since it aims to secure the cryptocurrency using Bitcoin's hashrate. I've found this the most innovative development among most altcoins, in which I think that it will be applied on other altcoins when Komodo launches. Just sharing my thoughts.  ;D

How does that dPoW works ? Are people actually mining it or is it just automatically computed by Bitcoin's network ? You're right about the PoS coins, because they tend to have a minimal value compared to the PoW giants. By the way do you see a PoS giant ? No. The market has elected the winners.

Exactly. In the end, PoW coins will be much more valuable than PoS coins, as well as the most secure ones against 51% attacks.

As for dPoW or Delayed Proof of Work, it all gets computed by Bitcoin's network. In other words, transactions made in Komodo will be notarized on the Bitcoin blockchain, making it as secure as Bitcoin itself as transactions will be automatically computed by Bitcoin's network.

This scheme is good for any altcoin as it will have the same security as the pioneer cryptocurrency, meaning that it will be more resistant against 51% attacks and double spending. DPoW can be applied to those altcoins who have a small network, and have suffered from 51% attacks such as ETH based coins like Krypton.

That is something innovative that Komodo will bring once it launches. I hope that it could turn out to become successful, that other altcoins could start using it and improve their security further.  ;D