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Author Topic: Pure Proof of Stake (no proof of work)  (Read 656 times)
markm
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July 28, 2013, 07:14:33 PM
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Is pure proof of stake, with no proof of work, a bad idea?

There are quite a few coins that have long ago already issued all their coins, so I was wondering whether maybe they could work using pure poof of stake, with no interest rate since all the coins have already been minted, but since the only mining will be stake mining, the transaction fees would go to the stake miners.

This would be for coins such as UKB, CDN, UNS, NKL, GMC, GRF and MBC, which currently do not use blockchains at all due to how insanely expensive blockchains secured by proof of work (even when using merged mining) turned out to be...

(Or rather, how insanely insecure such blockchains turned out to be when they have nothing but transaction fees to pay miners with?)

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Sunny King
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July 28, 2013, 07:53:46 PM
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It's possible as I pointed out in my ppcoin design paper. However you need to have proper incentives to reach reasonable level of security. Just transaction fees are not good.
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July 28, 2013, 08:21:57 PM
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Well these are seven major intergalactic currencies, if any one of the civilisations or corps whose currencies they are failed to stake-mine the other six, maybe the other six would retailiate by not stake-mining theirs.

So part of the incentive to stake-mine other major currencies would be you want the nations/civilisations/corps who also have major currencies to stake-mine yours...

Maybe therefore it would be useful for each branch of each national/corp bank to use the same address all the time for their stake-mining, so people can check off their checklists to make sure each and every major branch of each and every major currency's bank is in fact doing its part in staking?

Part of what makes a major currency major, of course, is the sheer number and power of starships, redshirts, starship troopers, galactic marines etc each major power can send in to conduct negotiations with any planet whose banks are not doing their part...

On the other hand I suppose maybe a consensus system, a la Ripple, might be another approach. Each nation could choose to list only its own bank branches as trusted servers, and if one nation ends up thereby lying about how many of another nation's coins someone has, well there again maybe that would not be considered the act of a friendly or allied or even neutral nation, so could, again, edge things toward war...

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