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Title: Is it possible to do a full pos algo without a premine Post by: aioc on July 07, 2016, 06:44:18 AM All I know is you cannot do a proof of stakes without resorting to premine
is it possible to do a full pos without a premine.. Title: Re: Is it possible to do a full pos algo without a premine Post by: americanpegasus on July 07, 2016, 06:48:25 AM All I know is you cannot do a proof of stakes without resorting to premine is it possible to do a full pos without a premine.. What is not earned is not appreciated. This is why proof of stake is fundamentally broken. It attempts to create something for nothing. At least in proof-of-work someone needs to be doing the work, even if its just a solo processor mining alone. Title: Re: Is it possible to do a full pos algo without a premine Post by: aioc on July 07, 2016, 06:52:06 AM All I know is you cannot do a proof of stakes without resorting to premine is it possible to do a full pos without a premine.. What is not earned is not appreciated. This is why proof of stake is fundamentally broken. It attempts to create something for nothing. At least in proof-of-work someone needs to be doing the work, even if its just a solo processor mining alone. It did not answer my question I want an specific answer can you do a full pos without premining a coin is it possible.. Title: Re: Is it possible to do a full pos algo without a premine Post by: americanpegasus on July 07, 2016, 06:55:28 AM Yes it is possible, just like driving a car with your feet is possible. That doesn't make it wise though.
For example, simply post a thread here and offer to give anyone who posts a message an initial share of the coins. There are many other ways to do it, all as equally useless. What is not earned is not appreciated. If you mean, can you have a consensus algorithm based on how many coins each person has without anyone initially having coins.... well that's obviously a no. This is why you need that proof-of-work period at the beginning. Title: Re: Is it possible to do a full pos algo without a premine Post by: aioc on July 07, 2016, 07:18:03 AM Yes it is possible, just like driving a car with your feet is possible. That doesn't make it wise though. Great answer so you will need first need to implement a proof of work before you make a shift to pos For example, simply post a thread here and offer to give anyone who posts a message an initial share of the coins. There are many other ways to do it, all as equally useless. What is not earned is not appreciated. If you mean, can you have a consensus algorithm based on how many coins each person has without anyone initially having coins.... well that's obviously a no. This is why you need that proof-of-work period at the beginning. but for example the supply is 100 million and you shift to pos but the only coin that was mined from pow is only 20 million can the 80 million left be mine by pos.. Title: Re: Is it possible to do a full pos algo without a premine Post by: iamnotback on July 07, 2016, 01:08:47 PM What is not earned is not appreciated. This is why proof of stake is fundamentally broken. It attempts to create something for nothing. An ICO is a transfer of real value and is applicable to PoS. It is incorrect to conflate the consensus algorithm with the token distribution algorithm, as they separate are concerns. Title: Re: Is it possible to do a full pos algo without a premine Post by: robelneo on July 08, 2016, 10:21:23 AM Yes it is possible, just like driving a car with your feet is possible. That doesn't make it wise though. For example, simply post a thread here and offer to give anyone who posts a message an initial share of the coins. There are many other ways to do it, all as equally useless. What is not earned is not appreciated. If you mean, can you have a consensus algorithm based on how many coins each person has without anyone initially having coins.... well that's obviously a no. This is why you need that proof-of-work period at the beginning. There are coins that are 100% premine usually they are those offered on various exchange like Yobit but people do not trust 100% premine some of the project that has 100% premine are mlm based coin,there are projexts that succeed and some do not.. |