CharHill (OP)
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July 25, 2014, 09:13:18 PM |
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Hi, can you tell me about proof of ... systems?? What kind proof of ... systems btc is usening, what proof of ... system is better for mine?
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minerpumpkin
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July 25, 2014, 10:42:17 PM |
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Well Bitcoin is using proof of work. It's just a way to control how often a new block, and therefore definite state of the blockchain may be created. There has to be some limiting factor, that can't be 'cheated'. The system Bitcoin uses now has a type of work where it is statistically known how often someone finds a solution to this work and therefore may now create a new block.
Other systems are for example proof of stake. The more coins you have, the more often you may create a block.
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I should have gotten into Bitcoin back in 1992...
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BitCoinDream
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The revolution will be digital
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July 26, 2014, 12:08:37 PM |
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Hi, can you tell me about proof of ... systems?? What kind proof of ... systems btc is usening, what proof of ... system is better for mine?
Probably the following quote will help u to understand the difference between Proof of Work & Proof of Stake... In short, Proof-of-Work and Proof-of-Stake are criteria that determine your ability to add a block to the block chain. Their purpose is to ensure that the cost of adding an invalid transaction to the block chain is more than the benefit of the invalid transaction.
In PoW, the amount of work done by your mining hardware determines your chances of adding a block. In order to double spend you would need to expend a lot of computing power.
In PoS, the amount of coins you own determines your chances of adding a block. Double-spending damages the integrity of the currency, and doing it would threaten the value of the coins you own.
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BeeTeeSea
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July 26, 2014, 02:34:33 PM |
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And what is proof of service the darkcoin guys keep talking about?  |
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Simon8x
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July 26, 2014, 02:37:33 PM |
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And what is proof of service the darkcoin guys keep talking about? You can find the meaning of it in the DRK announcement thread https://bitcointalk.org/index.php?topic=421615.0. - Masternodes and the Proof of Service Reward Paradigm
- In addition to traditional Proof of Work rewards for mining Darkcoins, users are also rewarded for running and maintaining special servers called “Masternodes”.
Though future plans envision several roles for Masternodes, their primary function is to carry out the anonymization phase of the Darksend+ protocol. The service that Masternodes provide to the network is the beating heart of Darksend+, which, in turn, is the defining feature of Darkcoin.
In return for providing this service, with each block mined, one Masternode is randomly selected by the network to receive 20% of the payout from that particular block.
In order to run a Masternode, users must put up 1000 DRK as something akin to collateral, though unlike traditional collateral, the DRK never leaves the user’s possession. It can be moved or spent at any time by the user - doing so simply removes the Masternode from service and makes it ineligible to receive rewards.
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Lorenzo
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July 26, 2014, 02:57:45 PM |
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One such example being Peercoin, which also happened to be the first coin to implement PoS. I believe NEM also has Proof of Importance (PoI), which is a further modification of PoS but with additional factors taken into account which determine your chances of solving a block. |
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minerpumpkin
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July 26, 2014, 03:06:52 PM |
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One such example being Peercoin, which also happened to be the first coin to implement PoS. I believe NEM also has Proof of Importance (PoI), which is a further modification of PoS but with additional factors taken into account which determine your chances of solving a block. Proof of importance? Never heard of that one. Could you explain briefly what that constitutes or differentiates it from PoS? |
I should have gotten into Bitcoin back in 1992...
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Lorenzo
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July 26, 2014, 03:12:32 PM |
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One such example being Peercoin, which also happened to be the first coin to implement PoS. I believe NEM also has Proof of Importance (PoI), which is a further modification of PoS but with additional factors taken into account which determine your chances of solving a block. Proof of importance? Never heard of that one. Could you explain briefly what that constitutes or differentiates it from PoS? I don't know too much about it, but I heard about it from another member on a different thread who explained it as the following: What's POI explained in really dummied down terms? PoI: It takes into account your account balance (Like PoS), but it also uses many other factors besides account balance. It examines how helpful you are for the network, such as how many transactions you make. It also takes into account many other things, and a lot of time has been put into the algorithm to make sure it isn't gameable. PoI will give incentive to use your NEM, rather than just to sit on it. Exact definitions of how PoI works I'm sure will be made public at a later time. |
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CharHill (OP)
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July 26, 2014, 08:19:10 PM |
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Well Bitcoin is using proof of work. It's just a way to control how often a new block, and therefore definite state of the blockchain may be created. There has to be some limiting factor, that can't be 'cheated'. The system Bitcoin uses now has a type of work where it is statistically known how often someone finds a solution to this work and therefore may now create a new block.
Other systems are for example proof of stake. The more coins you have, the more often you may create a block.
Sorry, but it isn't full information about that. I'll read wiki to make it fully. Thank to you. |
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CharHill (OP)
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July 26, 2014, 08:22:11 PM |
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One such example being Peercoin, which also happened to be the first coin to implement PoS. I believe NEM also has Proof of Importance (PoI), which is a further modification of PoS but with additional factors taken into account which determine your chances of solving a block. Proof of importance? Never heard of that one. Could you explain briefly what that constitutes or differentiates it from PoS? I don't know too much about it, but I heard about it from another member on a different thread who explained it as the following: What's POI explained in really dummied down terms? PoI: It takes into account your account balance (Like PoS), but it also uses many other factors besides account balance. It examines how helpful you are for the network, such as how many transactions you make. It also takes into account many other things, and a lot of time has been put into the algorithm to make sure it isn't gameable. PoI will give incentive to use your NEM, rather than just to sit on it. Exact definitions of how PoI works I'm sure will be made public at a later time. Can you give me some other infomation about PoI, look like interesting, but on nemwiki i can't to search anything about that. What do you know about that??  |
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CharHill (OP)
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July 26, 2014, 08:23:36 PM |
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Thanks, i'll read it. But do you hear about PoI?? |
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CharHill (OP)
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July 26, 2014, 09:10:22 PM |
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And can someone to tell me about hybrid PoS/PoW system, or where i can to read about that??? |
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