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Title: What consensus alogrithm you think is best for blockchain ? Post by: paskah01 on December 16, 2019, 02:28:31 AM Hi! I'm new to this technology and i want to learn more. I have done a bit research and i would like to know your thoughts of it, which mechanism you think work best for decentralized system on blockchain, and why is it better than the other consensus alogrithm.
Thank youu! :D Title: Re: What consensus alogrithm you think is best for blockchain ? Post by: joniboini on December 16, 2019, 04:00:14 AM This topic has been debated many times. You can simply google it or spend more time on development & technical discussion.
IMO it depends on what you need. Which features you urgently require. Scalability, decentralization, or security. Title: Re: What consensus alogrithm you think is best for blockchain ? Post by: paskah01 on December 16, 2019, 07:02:33 AM This topic has been debated many times. You can simply google it or spend more time on development & technical discussion. IMO it depends on what you need. Which features you urgently require. Scalability, decentralization, or security. Yes, i know thank you so muchh but for now i'm collecting opinons from as many blockchain enthusiast/expert i can get.. I want to know what you think, is best or at least better than the others... and i did mention decentralized system.. :D Title: Re: What consensus alogrithm you think is best for blockchain ? Post by: bitmover on December 16, 2019, 02:01:00 PM and i did mention decentralized system.. You are in a bitcoin forum.:D Ofc most veteran users here will tell you that POW is the best, for numerous reasons. For now, in the opnion of most people here, it is the only way to secure the network while keeping it decentralized. All other protocols are somehow reducing decentralization to increase scalability (which is your concern, although you didn't mention it) The trade-off decentralization x scalability is not worth now. Title: Re: What consensus alogrithm you think is best for blockchain ? Post by: paskah01 on December 17, 2019, 02:54:39 AM and i did mention decentralized system.. You are in a bitcoin forum.:D Ofc most veteran users here will tell you that POW is the best, for numerous reasons. For now, in the opnion of most people here, it is the only way to secure the network while keeping it decentralized. All other protocols are somehow reducing decentralization to increase scalability (which is your concern, although you didn't mention it) The trade-off decentralization x scalability is not worth now. Yes lol i questioned this everywhere... like a mini survey! :p from those numerous reason- what do you think is strongest reason compared to the other? just one.. from your sights.. https://www.youtube.com/watch?v=nOmbqHkdaxg here i found interesting - why pow is the best mechanism and why it isn't. That's just an example-from pow.. i expect to hear more though yeah this is bitcoin forum lol Title: Re: What consensus alogrithm you think is best for blockchain ? Post by: paskah01 on December 17, 2019, 03:02:22 AM Since you mention Blockchain, rather than Bitcoin or any specific Blockchain application, then there's no correct or reasonable answer for your question. All other protocols are somehow reducing decentralization to increase scalability (which is your concern, although you didn't mention it) Or have different weakness (e.g. 51% hashrate on PoW and nothing on stake on few PoS variant) Exactly! I'm not trying to find the "correct" answer as i believe there's only subjective truth.. and it doesn't have to be reasonable, to know something and sharing perspective is satisfying.. and i do survey from various platform so yeah let's see if PoW win or ..PoS ..(which i think is the most popular now :/) ;) Title: Re: What consensus alogrithm you think is best for blockchain ? Post by: Wind_FURY on December 17, 2019, 06:51:47 AM OP, DYOR on POW, and truly understand how the miner-costs/incentive-structure works in Bitcoin. Know it, and other consensus algorithms using "stake"/no costs will be laughable.
Title: Re: What consensus alogrithm you think is best for blockchain ? Post by: HeRetiK on December 17, 2019, 12:12:34 PM Since this hasn't been mentioned yet: It's also important to note that PoS requires an initial coin supply to be centrally issued, otherwise there's no coins to stake with. Depending on your stance on decentralization this is rather problematic, with some projects trying to mitigate this problem by either running PoS / PoW hybrids or starting off with PoW before shifting towards PoS.
Title: Re: What consensus alogrithm you think is best for blockchain ? Post by: paskah01 on December 18, 2019, 03:12:15 AM Awsome! Thank you guys so much :D
No one ask but for me i like PoW - i think it have the highest security also longest proven track record but cons are their electricity consumption is a big issues, and the fact with more processing power can take over the minority for me is risky. https://blogchainzoo.com/proof-of-work/ Also i vote for PoP (Proof of Participation)- which i think for now is the best decentralized mechanism. There are of course also some cons but i pick this as my best / better than the other consensus. https://blogchainzoo.com/proof-of-participation/ Let me know what you think of it.. |