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March 28, 2018, 12:28:59 PM |
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im totally with you bra, POW is not the right model.
Proof of work has a lot of downsites, the energy cumsomption just huge with pow.
i believe it is impossible that btc become nr1 world currency with POW.
not only that it is slower that POS, it is also consuming too much energy.
; look at the cryptomarket, the people are saying that it is still a so young market, so unadopted with so much potential to grow 5x 10x 100x or even 1000x its actual size.
now think about the news you already head about the energy consumption of POW.
You hear that it is already consuming as much energy as small countrys.
And where are we at? 5-10tx/s?
to become a nr1 world currency we'll need hundret thausends of tx/s.
With POW? not with me, i love motherearth and i want that she is fine.
but there are more downsites, It is just not fair. Its if more benefitial for those who already own a lot then for those who own less. with POW, owing 20% of the processing power doesnt mean you have 2x more advantage then somebody that owns 10%. because there is somthing called economy of scale, it says that as more you buy, as cheaper it gets. so somebody making millions of millions with mining, can buy much more hardware with their money in ralation to somebody buing hardware with less money. dui to economy of scale, as more you buy, as more discoint you get. this leads to big miningfarms growning faster that is good for the balance. with POW, in some years some players might reach the 51% hashpower required to attack the system.
POS, is the opposite, it is just using a fraction of the POW required hashpower and makes even more Tx/s. it cost less energy and is faster at the same time.
it is also even way saver then POW, imagine you want to hack a POS blockchain.
what yould you need? you would nedd 51% of the total money to put is in stake, since in POS you kind of "mine" with your stake. So, why would someone that owns 51% of a system, would want to hack that system? i dont know, since after a big hack the prices might drop rapidly and that might result in a loss of money of the hacker and he also might loose his whole stake(51%of market). why would he want to risk that?
POS is fair. if you have 10% of the money in the stake youll get 10% of the benefits. thus no one can grow exponentially faster then somebody elso, resulting in a more balanced coin and mining allocation.
and there are even more reasons but i think you get the bigger picture!
POS > POW!!!
P.s: i think it is really sad that the majority of the btc community is kind of blind to this huge problem. and i think its because the mining is a good way to make money. when i think about what it says about our community, it kind of makes me sad.
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