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I would say both of traditional POW and POS systems have failed.
Though some of the most successful coins like Bitcoin, Ethereum and Monero are purely POW (upto this date), POW are a burden to already limited energy sources in the world. POS on the other hand is a complete failure though some coins have succeeded implementing a different modification of it.
What's your thoughts on Secure Proof of Stake? |
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To me, people always start about how bad PoW is by stating that it is totally an expensive way to secure the network, that it is power hungry and makes the environment bad. Fair points, if POW was nothing but mining but in the case of the biggest POW coin of all, Bitcoin, it provides so much more than that, namely first and foremost, security of the entire network.
POS I think can never be as secure because there is so little attraction for the latter owners, everybody thinks they can earn by staking. So did I! I bought so many POS coins and thought I was being smart by earning from nothing but even during the bull run, their price just kept getting lower and lower and interest from staking just never caught up.
I think serious miners will only do POW. And serious coins won't trust POS. That's just my feeling.
Did you check the Secure Proof of Stake principle? - Give us a shout about your thoughts on that  |
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I think that the POW is an outdated model. POS will help technology move much faster. I think that Vitalik chose the transition to this mechanism for a good reason
But is it viable tho? |
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There is no absolute system. PoW has its advantages and disadvantages, just as PoS has. The unfortunate thing is that both cannot be combined in the same project, at least for now so that we can get the advantages synchronized.
Ethereum 2.0 tries to combine the two - there is an interesting article on this that tackles these issues. Let me know if you want a link to it |
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Of course POS is the best and we can earn easy rewards from Proof of stake... it has high security and 100% transparency...
In POS there is no need of super computer and high speed internet to do staking...
I think even POS has its limitations - thus we've worked on that and created Secure Proof of Stake |
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In 2019 we need real investors, not just everyone who are tricking the market to rise and attract the others to purchase a coins to make the price rise and then they dump them for their own profit.
Investors who understand that this is a technology that will shape the future are here for long term - we should not be afraid of tough times - it's all part of delivering something good. |
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The market needs more investors in order to recover. Many investors panicked and most of them sold their alts and b3cause of that the market fell. A bullrun would lure investors like it did last year.
I think we need more quality investors - people who are not typical to the crypto world - but investors who look for successful long term projects. |
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It would be interesting to see your arguments for either of these options. Also what do you think of SECURE PROOF OF STAKE? “ Secure Proof of Stake” is combining eligibility through stake and rating, random validator selection and an optimal dimension for the consensus group. The consensus protocol starts by randomly sampling a smaller consensus group out of all eligible validators in the shard (for reduced communication) using a randomness source derived from the previous block’s signature. The randomness source is unpredictable before the signing of the previous block. The sampling is deterministic, meaning that every node can compute the list of validators in the consensus group and the first node to be selected is the block proposer. The block proposer aggregates transactions into a new block and sends this block to the validators in the consensus group for verification. Each validator will verify the validity of the block, process the transactions and if everything checks out will participate in the pBFT consensus. The voting in the pBFT is done for every validator by sending a signature for a multisignature scheme. If the proposer collects more than 2/3 + 1 signatures from the consensus group members, the block is considered validated, the aggregated signature can be added to the block and the block disseminated in the entire shard. The next consensus group will be randomly sampled using the new signature. I'd appreciate thoughts on this POW is actually a more efficient and logical work system. But energy consumption forces us to think differently. Until this energy problem is solved, POS seems to be the best. I agree that we can't just completely ignore energy consumption - what do you think of Secure proof of stake? |
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It would be interesting to see your arguments for either of these options. Also what do you think of SECURE PROOF OF STAKE? “ Secure Proof of Stake” is combining eligibility through stake and rating, random validator selection and an optimal dimension for the consensus group. The consensus protocol starts by randomly sampling a smaller consensus group out of all eligible validators in the shard (for reduced communication) using a randomness source derived from the previous block’s signature. The randomness source is unpredictable before the signing of the previous block. The sampling is deterministic, meaning that every node can compute the list of validators in the consensus group and the first node to be selected is the block proposer. The block proposer aggregates transactions into a new block and sends this block to the validators in the consensus group for verification. Each validator will verify the validity of the block, process the transactions and if everything checks out will participate in the pBFT consensus. The voting in the pBFT is done for every validator by sending a signature for a multisignature scheme. If the proposer collects more than 2/3 + 1 signatures from the consensus group members, the block is considered validated, the aggregated signature can be added to the block and the block disseminated in the entire shard. The next consensus group will be randomly sampled using the new signature. I'd appreciate thoughts on this |
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This is the 2nd or 3rd time that Ive seen this elrond being shilled. Cant remember the other thread/s but is this what elrond is doing its advertising?
Hi @Batang_bitcoin - Great to see you engaging again. Depends what you want to call it. To be honest I'd just like people to interact with the technology more -and yes we deliver great technology that people should know about. |
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CZ Binance tweeted: "While many VCs have "paused", we are actually more comfortable investing now. Valuations are more reasonable, most have prototype/product, only strong teams left. Much better investment opportunities than at ATH." What do you guys think? PS. Testnet will be out soon for www.elrond.com |
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The next bull will only Kickstart if there is a strong acceptance by Some of the biggest financial and monetary governing bodies, If these bodies put out a strong statement of acceptance. This will not only reassure the general public and world economies, it will lead to more investments from corporate finance companies and individuals and of course with new funds being pumped into the industry, we will likely see the bullish run again. We all know when more monies come in, it dictates the demand for coins/tokens leading to more purchasing activities. With that, the market will surely recover.
Don't think that's gonna happen anytime soon tho. |
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This is a quote from an article - "Now more than ever, cryptocurrency purchasers need to support projects with strong fundamentals: competent, capable leadership; a track record of meeting roadmap milestones; unique technical goals and achievements; a broad potential user base; and a relatable vision of the future." - Joseph DiPasquale
What projects you following? What about projects such as Zilliqa / Elrond etc?
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I really want to see less short term speculators and ICO Flippers in 2019 and more solid long term thinking investors, who just want to purchase their crypto and hold, like people who are in hedge funds and pension funds. I do not think that all these low ball speculators are doing any good in this industry, except leeching the system and draining the markets constantly with their nasty shorting tactics. I think we need more regulation and less manipulation as well, to make this a healthier market to be in.
Agree with you there mate - some sort of regulation wouldn't harm anyone! |
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If 2019 continues to trend toward 2018, we will continue to see that electronic money is losing 90% of its value and that what's in the wallet will become junk.
Let's hope bad ICO start to fail more often and the market will get a little cleaner... |
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The thing to do to get back to the cryptocurrency is to increase investors and projects that are good for more to invest. because if many good projects are sure many investors will enter and bitcoin will rise again.
Although I think you're right - investors need to do their job much better and really start talking to those projects that actually have something to show at least in terms of tech. So much marketing and so little in terms of tech - that needs to change. |
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Whatever has happened in this year is not encouraging for crypto investors and market so we need to just put that to a side and stay hopeful for the times to come, especially with the token economics and deflationary nature of cryptos and that too with quality projects it is almost guaranteed that all these will grow over long term, we just need to be patient and wait for trend reversal from here, for eth im positive we can see bulls soon both fundamentally and technically it is at a point where reversal is almost imminent.
It will be interesting to see what Ethereum 2.0 aka Serenity brings in terms of tech. |
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We should continue to support cryptocurrency not only during highs. Prospective investors would risk their money if they will see an enormous support specially from the pioneers.
2019 should be an interesting year |
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what must be done so that the market will rise again for 2019 is to attract investors with real and quality projects.
true that! |
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I read a tweet this morning saying: "In 2018 everyone wanted to be in crypto. In 2019, we will find out who really wants to be in crypto." Who's ready to invest in 2019? 2019 - a year for more applications? More useful use cases? Proper token economics? I know the Elrond Network team will be here in 2019 - buidling as always I guess this is a plug for the Elrond Network team. Not a bad one, anyway. One thing remains certain and that is the fact that 2018 has been very deplorable for everyone. We are only hopeful that as odd as it may sound that 2019 will be another 2017. It's got to be! |
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