Title: Do all blockchains use proof of work? Post by: dagumak on August 21, 2017, 03:44:28 PM First time poster here. I've been noticing so many projects using blockchains, but I don't understand how is proof of work applicable to most applications. Do they all use it? Is it necessary?
Edit: What do you call this category for proof of X? Title: Re: Do all blockchains use proof of work? Post by: minbosen on August 21, 2017, 03:48:36 PM Not all of them use proof of work (POW), there are also delegate proof of stakes (DPOs), proof of stakes (Pos), proof of burn (POB) and so on. For more information, you can find the answer use google search. Title: Re: Do all blockchains use proof of work? Post by: Antivoid on August 21, 2017, 03:58:19 PM First time poster here. I've been noticing so many projects using blockchains, but I don't understand how is proof of work applicable to most applications. Do they all use it? Is it necessary? there is no necessary indeed, POW cost a lot of energy, its unfriendly to the environment, most new coin dont use POW nowEdit: What do you call this category for proof of X? Title: Re: Do all blockchains use proof of work? Post by: NavySeals on August 21, 2017, 04:07:24 PM First time poster here. I've been noticing so many projects using blockchains, but I don't understand how is proof of work applicable to most applications. Do they all use it? Is it necessary? Edit: What do you call this category for proof of X? No, some important ones are proof of stake (pos) where the stake (the amount they have) of people is vital in the system. I'm not sure, but I think waves is a pos instance. I think ethereum will integrate pos system into its regulation soon as well. Title: Re: Do all blockchains use proof of work? Post by: nonlinearboy on August 21, 2017, 04:12:11 PM First time poster here. I've been noticing so many projects using blockchains, but I don't understand how is proof of work applicable to most applications. Do they all use it? Is it necessary? there is no necessary indeed, POW cost a lot of energy, its unfriendly to the environment, most new coin dont use POW nowEdit: What do you call this category for proof of X? That is right, POW will cost a lot of energy, such as the ETH and BTC are in this mode, but the ETH will turn to POS maybe at the end of this year according to the plan. Title: Re: Do all blockchains use proof of work? Post by: slaman29 on August 21, 2017, 04:14:08 PM First time poster here. I've been noticing so many projects using blockchains, but I don't understand how is proof of work applicable to most applications. Do they all use it? Is it necessary? Edit: What do you call this category for proof of X? Since nobody has answered your edit, this "category" you are looking for is called a "consensus algorithm", specifically when used to describe the system used in cryptocurrency blockchains to reach consensus. Proof of work is the most popular but you can see many new concepts coming up nowadays like proof-of-human and proof-of-time even. Title: Re: Do all blockchains use proof of work? Post by: dagumak on August 21, 2017, 04:51:12 PM First time poster here. I've been noticing so many projects using blockchains, but I don't understand how is proof of work applicable to most applications. Do they all use it? Is it necessary? Edit: What do you call this category for proof of X? Since nobody has answered your edit, this "category" you are looking for is called a "consensus algorithm", specifically when used to describe the system used in cryptocurrency blockchains to reach consensus. Proof of work is the most popular but you can see many new concepts coming up nowadays like proof-of-human and proof-of-time even. Is it necessary for a given blockchain to have a consensus algorithm? Is that the only way to create trust in a distributed environment like a blockchain? I'm assuming this means you can theoretically apply multiple consensus algorithms to a blockchain to have multiple signals for verification/trust right? Title: Re: Do all blockchains use proof of work? Post by: monsterer2 on August 21, 2017, 08:05:39 PM Is it necessary for a given blockchain to have a consensus algorithm? Is that the only way to create trust in a distributed environment like a blockchain? I'm assuming this means you can theoretically apply multiple consensus algorithms to a blockchain to have multiple signals for verification/trust right? The entire point of bitcoin/blockchain is that it is *trustless*. If you need to trust something, just use visa. Title: Re: Do all blockchains use proof of work? Post by: d5000 on August 22, 2017, 12:16:51 AM If you are really interested, the following document presents nearly all known consensus algorithms actually in use for blockchains. It does also cover some algorithms for private and "consortium" blockchains.
Untangling Blockchain: A Data Processing View of Blockchain Systems (https://128.84.21.199/pdf/1708.05665.pdf) Title: Re: Do all blockchains use proof of work? Post by: CoinCollector006 on August 22, 2017, 01:33:02 AM Here is a short list of coins and the major consensus methods they use.
PoW - Bitcoin and all clones, Litecoin, Dogecoin, Viacoin PoS - Reddcoin, Blackcoin, Peercoin, Spectrecoin PoW/PoS - Decred, Deep Onion DPoS - Waves Proof of Importance - NEM Proof of Signature - Xtrabytes Proof of Burn - Counterparty Directed Acrylics Graphs - Iota, Byteballs Byzantine Fault Tolerance - Neo (formerly Antshares) This is a good list to search for potential investments. Title: Re: Do all blockchains use proof of work? Post by: dagumak on August 22, 2017, 10:03:12 AM Is it necessary for a given blockchain to have a consensus algorithm? Is that the only way to create trust in a distributed environment like a blockchain? I'm assuming this means you can theoretically apply multiple consensus algorithms to a blockchain to have multiple signals for verification/trust right? The entire point of bitcoin/blockchain is that it is *trustless*. If you need to trust something, just use visa. The trust is just displaced. You are trusting the consensus algorithm, and in case of bitcoin that's the PoW. If you are really interested, the following document presents nearly all known consensus algorithms actually in use for blockchains. It does also cover some algorithms for private and "consortium" blockchains. Untangling Blockchain: A Data Processing View of Blockchain Systems (https://128.84.21.199/pdf/1708.05665.pdf) Thanks Title: Re: Do all blockchains use proof of work? Post by: rudystyle on August 22, 2017, 11:41:01 AM There is even a proof of time coming out - Chronology
Title: Re: Do all blockchains use proof of work? Post by: monsterer2 on August 22, 2017, 12:52:14 PM Is it necessary for a given blockchain to have a consensus algorithm? Is that the only way to create trust in a distributed environment like a blockchain? I'm assuming this means you can theoretically apply multiple consensus algorithms to a blockchain to have multiple signals for verification/trust right? The entire point of bitcoin/blockchain is that it is *trustless*. If you need to trust something, just use visa. The trust is just displaced. You are trusting the consensus algorithm, and in case of bitcoin that's the PoW. Not equivalent; when you put money in your bank, you trust the bank *and* the currency. With bitcoin, you just trust the currency, which is the minimal level of trust possible. Title: Re: Do all blockchains use proof of work? Post by: nogoodcoin on August 22, 2017, 02:05:54 PM First time poster here. I've been noticing so many projects using blockchains, but I don't understand how is proof of work applicable to most applications. Do they all use it? Is it necessary? POW and POS are the most popolar algo. You can use google to know them if you want to involve in crypto.Edit: What do you call this category for proof of X? Title: Re: Do all blockchains use proof of work? Post by: d5000 on August 22, 2017, 09:54:17 PM Some remarks to CoinCollector006's list:
PoS - Reddcoin, Blackcoin, Peercoin, Spectrecoin PoW/PoS - Decred, Deep Onion DPoS - Waves Peercoin is PoW/PoS, although PoW blocks do not really add security because chain trust (the "longest chain" rule) depends only on PoS. In Novacoin (a Peercoin clone) and its clones, the chain trust depends on PoW _and_ PoS. Quote Proof of Importance - NEM Proof of Importance is actually Proof of Stake with the addition of stake being "weighted" by the transactions the node does.Quote Proof of Signature - Xtrabytes I've briefly looked into this and it seemed to be a variation of the "Byzantine Fault Tolerance" algorithm. The same is also true for DPoS. I would group "DpoS", BFT and Proof of Signature together.Quote Proof of Burn - Counterparty This one is wrong - Counterparty is a layer on top of Bitcoin, Proof of Burn in CP is a method to distribute new coins but not a "block reward". Proof of Burn is only used by Slimcoin as a part of the consensus method.Title: Re: Do all blockchains use proof of work? Post by: Lagduf on August 22, 2017, 10:37:47 PM First time poster here. I've been noticing so many projects using blockchains, but I don't understand how is proof of work applicable to most applications. Do they all use it? Is it necessary? there is no necessary indeed, POW cost a lot of energy, its unfriendly to the environment, most new coin dont use POW nowEdit: What do you call this category for proof of X? I just take take the decent as an example the project that has built non pow blockchain. Title: Re: Do all blockchains use proof of work? Post by: dagumak on August 23, 2017, 12:04:51 PM Is it necessary for a given blockchain to have a consensus algorithm? Is that the only way to create trust in a distributed environment like a blockchain? I'm assuming this means you can theoretically apply multiple consensus algorithms to a blockchain to have multiple signals for verification/trust right? The entire point of bitcoin/blockchain is that it is *trustless*. If you need to trust something, just use visa. The trust is just displaced. You are trusting the consensus algorithm, and in case of bitcoin that's the PoW. Not equivalent; when you put money in your bank, you trust the bank *and* the currency. With bitcoin, you just trust the currency, which is the minimal level of trust possible. You're not drawing a parallel comparison. It's more appropriate to say, "when you put money in your blockchain, you trust the blockchain *and* the currency." I understand your point regardless 👍 |