Bitcoin Forum

What is your favorite? and why?

POW - Proof of Work
POS - Proof of Stake
POP - Proof of Play

Do you know of any other ways to build cryptocurrency? reply to this thread to get it added to the list for voting.

Proof of Market -adopted by Freshcoin

Proof of Importance -- NEM

Proof of Fuck- Proved by The fappening.

Hahahahah  ;D

PoS³

Proof of Stake - Money held in account
Proof of Spend - Money going in and out
Proof of Service - How long a node has been supporting the network

If Stake is 0 than the following:
Proof of Service - 1 point for each minute the node is active and supporting the network
Proof of Spend - 1 point for each $1 worth of coins that were spent since the last block formed by the active node

Proof of Stake - Up to $100,000 will help increase the above two proofs.

Basically the higher the stake amount, the faster the forging.  

So if somebody has $1000 worth of stake then:
Proof of Service - 1.01 points per minute
Proof of Spend - 1.01 points per $1 spent

If somebody has $10,000 worth of stake then:
Proof of Service - 1.1 points per minute
Proof of Spend - 1.1 points per $1 spent

If somebody has $50,000 worth of stake then:
Proof of Service -1.5 points per minute
Proof of Spend - 1.5 points per $1 spent

If somebody has $100,000 worth of stake then:
Proof of Service -2 points per minute
Proof of Spend - 2 points per $1 spent

If somebody has $100,000 worth of stake it doesn't help.
So, If somebody has $500,000 worth of stake than the following is still true
Proof of Service -2 points per minute
Proof of Spend - 2 points per $1 spent

Whichever block has the most points will be more likely to form a block but it isn't guaranteed.  

With these three proofs, a person will be encouraged to
1. invest to get a good stake
2. spend money
3. support the network

There is something in it for everyone, even somebody with $1 worth of coin can still form a block.  

Of course the different stake ratios, different spend ratios, and different service ratios can be instituted to best meet the needs of the community.

Your POLL is incomplete.

Please add POI - Proof of Importance  ( NEM ).

Thank you.

what is POI ? can you explain that or just give me a link to read about POI

It would be way better if you read these two articles. I'm not a native speaker  ;)

http://finance.yahoo.com/news/cryptocurrency-nem-gears-change-trade-100500963.html

http://motherboard.vice.com/read/this-cryptocurrency-doesnt-want-to-beat-bitcoin-it-wants-to-beat-the-economy

If you want to have further information don't hesitate to ask your questions there:

https://bitcointalk.org/index.php?topic=654845.0

All of them are very gentil and I'm pretty sure they will answer your questions.

POI > NEM is my fav at the moment.

 favorite algo is proof of stake
not so much energy wasting,

NEM - PoI

It is the most interesting thing since PoS.  I think it is an improvement.

It is based off of how much money is in a person's account and how much they spend and who it is spent to. 

yea me too my favorite is POS because it doesn't take too much energy

PoS is good for newbies because they don't understand security so it is very easy to sell the "feature" of staking at no cost and it will hinder 'dumping'.

Luckily the people with more experience in the area see big problems with PoS, unfortunately that's something that the newbies consider "FUD".


Conclusion:

You will get a lot of votes for PoS even though it is inferior, in several ways. (Because the mass amount of noobs in this forum have been fooled into believing PoS is safe)

PoW is superior and is a must for the security of the blockchain to be any good.

PoS+PoW is interesting but is not as secure as it needs to be (in my opinion). There are still flaws with hybrid PoS+PoW coins that need to be addressed before it can become anything successful out of it.




yes I know I will get hate from the noobs but its the truth. If PoS had no downsides then it would be the norm and bitcoin would most likely use that instead of PoW.

I voted pos but also like pos+pow hybrid.

I would vote for POW and POS as it satisfies the interests of both people, who have the mining rigs and people who don't.

It also strengthens the network of the coin. Some pos coins have issues if people don't stake coins in wallet.

Proof of Stake all the way for me.

No, sorry, this thread is about proof mechanisms and not about fantasies.

Agreed. It's needs to be viable.