Will PoS completely replace PoW in the future?

[braves182]

PoS is the best alternative for the future of cryptocurrencies. Given the fact that there are already problems with providing electricity to the country, in the future this problem will only worsen and for the development of cryptocurrencies it can become a serious problem. And in general, I'm for the environmentally friendly types of consensus that won't deplete the finite reserves of our planet.

[raptorez]

PoS is the best alternative for the future of cryptocurrencies. Given the fact that there are already problems with providing electricity to the country, in the future this problem will only worsen and for the development of cryptocurrencies it can become a serious problem. And in general, I'm for the environmentally friendly types of consensus that won't deplete the finite reserves of our planet.

It is absolutely correct, even if it comes today from electricity, I also think that the proposed option with POS is much more profitable, despite the fact that the banking sector spends much more money on electricity.

[BitcoinGirl.Club]

A College Student released a page showing how little it could cost to 51% attack PoW coins for 1 hour using nothing more than rented hashrate.
https://www.crypto51.app/

Then why hasn't it happened yet? It may sounds easier in theory but in reality it's quite harder. Why would in the earth will someone spend everything in return of nothing.

This is the latest visual representation of Hashrate distribution.



Tell me who is going to for 51% attack and why would even they will do that?

[Abiky]

I think the best to do is leave behind PoS exclusive and PoW exclusive coins and have coins that do both PoS and PoW. This way the coin is better protected against 51% attacks and the incestor feels more protected to place his trust and his money at the coin.

It's always good to have a diversity of consensus algorithms, as they prove to be experimental grounds towards the future development of blockchain technology. Every consensus algorithm has its advantages and disadvantages. However, the most important thing is the security of a specific consensus algorithm to maintain the blockchain safe against 51% attacks.

PoW, although being extremely resource intensive, it's highly secure against 51% attacks if there's an enormous amount of hashpower within a specific cryptocurrency's blockchain network. On the other hand, PoS is much faster and less resource intensive than PoW, but it could be extremely vulnerable to 51% attacks if the underlying cryptocurrency is inexpensive in price. A hybrid approach (PoW + PoS) could be the future of cryptocurrencies as we know it. Over time, it will be proven that PoS cannot completely replace PoW and viceversa.

Nonetheless, whenever it's DAG, PoS, PoW, DPoS, or even dBFT, each consensus algorithm is unique with their respective advantages/disadvantages. Depending on a specific cryptocurrency's needs, will be the consensus algorithm to use. As for me, I find PoS and DPoS to be the most effective consensus algorithms in existence.

[dodgecharger]

I think that the mining of the POS mechanism cannot completely replace the POW mechanism. If it is replaced, it will definitely be strongly resisted by the mining machine manufacturers.

[bayu7adi]

all depends on the cryptocurrency market conditions, if only the BTC price increases to 6k USD, then the position of the miner will still be in demand by most people, because to get money, we really have to work, open save money
but PoS still gets interested from rich people, because they want something simple and produce with their own money that is too much
keep in mind, that if there is an error in the PoST algorithm, such as hacking or other cases, the investment trend for staking purposes will decrease

[Abiky]

I think that the mining of the POS mechanism cannot completely replace the POW mechanism. If it is replaced, it will definitely be strongly resisted by the mining machine manufacturers.

You do have a point there, mate. Considering how big Bitmain is as an ASIC manufacturer, it would resist a change in algo (in case Bitcoin decides to migrate to PoS). For this reason, both PoW and PoS would head their separate ways, since there are business interests from one another. PoS may be eco-friendly, but it has some weaknesses which prevent it to be an All-in-one solution for cryptocurrencies. On the other hand, PoW is harmful to the environment, but provides high security and reliability with the only weakness that it could become centralized by a few mining pools.

What's best here is to combine both PoW and PoS as a hybrid solution. Some cryptocurrencies have already done this, but the majority have chosen a single consensus algorithm instead. The vast number of consensus algorithms available today, would allow the blockchain industry to improve in many ways. Depending on the specific purpose of a cryptocurrency or blockchain network, will be the consensus algorithm to use. So far, Bitcoin has been using PoW and it's been successful at it.

Therefore, there's a high probability that PoW and PoS would co-exist alongside each other for many years to come. Just my thoughts

[el_lobo]

I am really curious if ethereum manages to solve pos's problems.
If they can really do that, i see a bright future for ethereum and pos coins.
If the pos system from ethereum works well, we will certainly get many pos clone coins on the market.

[Abiky]

I am really curious if ethereum manages to solve pos's problems.
If they can really do that, i see a bright future for ethereum and pos coins.
If the pos system from ethereum works well, we will certainly get many pos clone coins on the market.

That's yet to be seen, once Ethereum upgrades from PoW to PoS. Ethereum's promise is to provide a secure blockchain for smart contracts in the most efficient way possible. PoS cryptocurrencies before ETH, had several issues such as the "Nothing at Stake" problem which make them relatively unsecure when compared against PoW cryptocurrencies like Bitcoin and Litecoin. The thing is that PoS might never replace PoW, because it's not the All-in-one solution for security and scalability. The same thing could be said about PoW.

Which is why, it's best to have a diversity of consensus algorithms, as it will help blockchain technology mature over time. In case of Ethereum, many people are waiting for PoS to come alive. Once it's battle-tested against the well-known issues of PoS, then it could probably take the crypto world by storm. I believe that a perfect PoS system would prevent the rich from becoming richer, enabling anyone to secure the blockchain and earn rewards. Just my thoughts