Bitcoin Forum

Ethereum is going to shift from PoW to PoS, obviously its hurting the miners community also, raising questions over the security, developers are worried about the security of PoS, PoS have advantage over PoW in terms of energy, but is going to be secure as much as PoW?

I'm no expert but I think proof of stake is more secure and safer option than proof of work as it decentralizes the currency and is distributed among all the hodlers and stakers. While in proof of work most of the power is controlled by a few bigger miners. Also people get a chance to earn decent reward on their coins with POS.

I would have to say that POS is much safer for the coin itself, as it forces people to own the coin that they want to compromise if they want to do that. This makes no sense though, because if they want to compromise the coin they're going to be compromising their own asset-- meaning that they're going to lose money if they do this. People who own mining rigs won't have the same issue, as they will simply be able to mine another coin and live on with compromising with PoW

Check out this for an in-depth comparing of the two (https://decentralize.today/why-pos-is-better-than-pow-2dc3cd9881a7?gi=7c9f061772cc)

In case of money related services, every computer wants to have maximum security protection from the potential hackers.

Due to the disincentives in the PoW system, it becomes unattractive to bad actors and has exited. Attacking a PoW network is not cheap, and one might end up spending more than he can steal.

The PoS algorithm needs better protection as it is cheaper to attack. The deposits of the validities serve as collateral, and if they go against the rules and create an invalid block, they will lose their deposit. Both are pretty much safe to be used.

But the PoS system still has the upper hand due to the collateral involved.

This all sounds quite good, a more decentralised working and using far less energy
than POW. I dont know anything about the security but If DASH (which is not 100% POS)
can be as successful as it is i am confident about it.

There is an issue with the 51% attack as has been mentioned above, for POW it would
be extremely energy reliant on attacking and maintaining, will a 51%attack be easier
On POS?

It would be easier yes, but you do also have to remember that a 51 percent attack is something which is going to rely on someone purchasing a crazy amount of the coin itself (making the price rise with the purchases) Plus the fact that if they did go forward with the attack, it would make their coins crash in value (as people would start panic selling)

51 percent attacks make more sense with POW as the person can still use their machine, though this isn't the case with POS.

PoW is effective, one can just refer to its longstanding success. However, PoS does introduce some enticing possibilities in the form of better energy efficiency, less volatility and its decentralization argument (not everyone is entirely convinced on this last point,however). Ultimately, better energy efficiency seems to be the backbone of this model--which is great! (and often overlooked as an issue). In terms of decentralization, many do not agree this will be as revolutionary as thought to be since, once again, the power will be continually given disproportionately to the ones with a higher stake in the coin. The disparity will be small at first but eventually the outcome will look like the same issues currently found within the POW model where miners in huge pools are the winners. In terms of security, POW miners will stop if/when they detect an invalid block, on the other hand, in POS if a block is detected as invalid, the node who creates an invalid block in the network is fined their initial bet, thus making an attack a riskier endeavor. Again, the pow model has proven to work, however, so does it need to be changed? It'll be interesting to see how ethereum applies it and if it ultimately works! Perhaps in the end the solution will be a combination of both pos and pow.

PoS is not safer

there are ways to play around with the "validator pool" so that on person with 20 addresses (if the pool requires minimum 20 validators) could slf 'mine' blocks forever

PoS is cheaper to mine.. again making it easier to attack
PoS is more energy efficient as it doesnt require special equipment. but with that said instead of buying millions of $$ of equipment you can spend a smaller amount on staking a validator pool you game the PoS system

This is why PoW critics are incredibly wrong when they say, "Proof of Work is so wasteful, they are polluting a lot for no purpose".

What's so difficult to understand about the fact that all that energy generated in the mines is to secure the network?

Without all that "waste of energy" it wouldn't be possible to claim that Bitcoin is the safest crypto in the game. You either have it or you don't.

The market value proves that the electronic currency has chosen POW. Most of the top POW coins in circulation are market capitalization, and Bitcoin alone holds a market value of more than 80%. The market value of POW coins, such as Litecoin, dog coins, and dark coins, is also higher, and dot currency is POW plus POS. However, the POS model's bit stocks, future coins and so on have not been ranked higher in market value. The market value is also much smaller than the POW currency. Reebok and Stellar are either POS or POW, but adopt a consensus mechanism that they do not have a blockchain. It is also impossible to create a blockchain with POW or POS. The value of electronic currency is not generated by POW or POS. The purpose of POW and POS is just to ensure blockchain security. E-coin value = powder loyalty * user volume * The source of the value of the application volume is not related to the process itself.

Yes PoS is less cost energy if you compare with PoW. Do you know when ethereum will shift to PoS ?
if this is really happened, maybe the price of ethereum will rise. Because everyone need to owning ethereum to mining in PoS.

Soon Ethereum will hard fork to PoS, and I can't wait to see what happens.

I predict a an internal civil wark in which there is a split and we will have ETH-PoW and ETH-PoS. Most people will stick to ETH-PoS because that is what the dear leader Vitalik Buterin will support, but still, will be a big clusterfuck for Ethereum.

I can't also wait to see what happens when they move to PoS in a system where 80% of the initial supply was distributed to basically the developers. Ethereum is such a shitcoin, unbelievable it went this high in price.

Safer for the time being.  But even then I doubt that it will be safer most likely to change the work of the platform related to saving energy resources.

I don't think this because of increased safety. But more like environmental concern. PoW is a huge energy waste, miners don't do anything useful rather than protecting blockchain from the attack. So much computational power doesn't do anything good to the humanity.

I think the security is pretty much the same.
Both POW and POS have their advantages, so long as it is a token of the underlying technology of the blockchain, it is worth investing, because no one knows that there will be a big increase in the future generation.

I agree with you here, "POS is safer for the coin itself" :D

so if all the coins moves to POS, then it means to mine i have to own the maximum stakes of the coin i want to mine, right?

yeah the only drawback..

Not sure about security, there are problems for both of them. But also PoS can be for many more convenient and it should be considered.

Both algorithms are not ideal, but the best is something average. Like Dash.

I couldn't agree more. The trade off between a network's security and the energy consumption should be weighed. What is actually the reason for launching crypto? It's basically to avoid a centralized system. Yes, the concerns of the largest mine pool controlling overwhelming majority in block filling is still very much there hence the clamour for PoS. I still think security of the etherum network is more paramount than the energy it consumes. Which is simply why I would rather opt for a tradeoff between PoW and PoS. Outright shift to PoS as announced by Vitalik is a grave mistake from my opinion.

Yes, the Proof-of-stake eliminates some of the major security issues associated with the Proof-of-work scheme. The most obvious of them is the 51% attack. If an attacker was to hack a cryptocurrency network today, for instance, the Bitcoin network, he would have to gain 51% of the computing power. This can be made possible if some of the largest mining pools join together to attack the network. While this is highly unlikely politically, technically, it is still a possibility.

Team up to commit economic suicide  ;D :D  :-\ :)

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There are many video sharing websites/platforms out there such as YouTube, Vimeo, Dailymotion, and Verasity. continue (https://www.quora.com/How-does-video-sharing-work/answer/Tom-Hillman-11)

I think the security is pretty much the same.
Both POW and POS have their advantages, so long as it is a token of the underlying technology of the blockchain, it is worth investing, because no one knows that there will be a big increase in the future generation.

Soon Ethereum testament hard change to PoS, and I can't wait to card what happens. pow right applications means very frequently thrilling.

The bitcoin although does not cover the majority of the market it covers nearly 40 percent of the market so imagine that overnight 40 percent of the market value f the cryptocurrency market dis appease the trust of the people cryptocurrency will be destroyed and money retraction will occur

i don't think we can prefer one over the other. both are good algorithms and both have pros and cons of themselves. there simply isn't some perfect magical algorithm that you can use.
for example PoS in my opinion has a bad design when it comes to distribution which is totally unfair. and i am not alone in this. and that is not all the algorithms out there. there is a lot more. in fact someone recently made a list of all of them here: https://bitcointalk.org/index.php?topic=4776600.0

I don't think there should be any difference in security issues between Proof of Stake and Proof of Work you are using an encrypted algorithm for both. Proof of stake is far less power hungry as you only need to run 1 machine virtual or actual per node I am involved in 2 proof of stake coins at the moment.

I can easily imagine a huge debate will develop over this topic.
Essentially both can be 51% attacked with.... having enough money and desire to own 51% of the resources needed to crack the system. It doesn't matter if you will buy hardware equipment (PoW) or just buy coins (PoS).

I think the POW mechanism is more secure because even though the POS mechanism does not consume energy.
However, the POS mechanism may face a situation where most tokens are concentrated in the hands of a few people.