Will PoS completely replace PoW in the future?

[Abiky]

Given how friendly to the environment PoS is (compared to PoW), and how it achieves consensus faster, more cryptocurrencies have been implementing it over time. Ethereum will switch from PoW to PoS within the next years, while other newly-born cryptocurrencies have adopted it. It's been known, how vulnerable PoW has been against 51% attacks with hackers stealing millions of dollars from small blockchain networks with low hashrate by performing double-spending.

In the case of PoS, a hacker or attacker would need to grab a large stake of coins to be able to perform double-spending. Depending on the price of the coin, it could become extremely expensive to attack a PoS blockchain.

Nonetheless, do you think that PoS will completely replace PoW in the future?

[bolshojkush]

Given how friendly to the environment PoS is (compared to PoW), and how it achieves consensus faster, more cryptocurrencies have been implementing it over time. Ethereum will switch from PoW to PoS within the next years, while other newly-born cryptocurrencies have adopted it. It's been known, how vulnerable PoW has been against 51% attacks with hackers stealing millions of dollars from small blockchain networks with low hashrate by performing double-spending.

In the case of PoS, a hacker or attacker would need to grab a large stake of coins to be able to perform double-spending. Depending on the price of the coin, it could become extremely expensive to attack a PoS blockchain.

Nonetheless, do you think that PoS will completely replace PoW in the future?

POS leads to partial centralization of the system. Since not many users can afford to buy a large amount of cryptocurrency to participate in mining. Therefore, those coins that want decentralization will use POW or hybrid Protocol. Especially now that renewable energy sources are developing very strongly.

[Abiky]

POS leads to partial centralization of the system. Since not many users can afford to buy a large amount of cryptocurrency to participate in mining. Therefore, those coins that want decentralization will use POW or hybrid Protocol. Especially now that renewable energy sources are developing very strongly.

You do have a point there, mate. PoS has some level of centralization, simply because a few players would be able to obtain most of the rewards. Such players are known as whales, where they have a high stake on a specific cryptocurrency's network, leaving small stakers with low (if none) rewards. However, compared with PoW, PoS is much more accessible and decentralized since there's no need for specialized mining equipment. The hybrid approach looks to be a fair model, but not largely implemented in most cryptocurrencies.

Nonetheless, I've thought that PoS might completely replace PoW in the future, because it's highly efficient in energy consumption, and provides better scalability. Another implementation of PoS (known as DPoS) looks to be more democratic, although some say that it's highly centralized. Just my thoughts

[raptorez]

Because so much faster. If you dive into the characteristics of this project, you will generally understand what is the matter. Especially when you begin to understand what is now more profitable for everyone.

[HardFireMiner]

Given how friendly to the environment PoS is (compared to PoW), and how it achieves consensus faster, more cryptocurrencies have been implementing it over time. Ethereum will switch from PoW to PoS within the next years, while other newly-born cryptocurrencies have adopted it. It's been known, how vulnerable PoW has been against 51% attacks with hackers stealing millions of dollars from small blockchain networks with low hashrate by performing double-spending.

In the case of PoS, a hacker or attacker would need to grab a large stake of coins to be able to perform double-spending. Depending on the price of the coin, it could become extremely expensive to attack a PoS blockchain.

Nonetheless, do you think that PoS will completely replace PoW in the future?

There is no proven safe consensus mechanism other then POW, all POS coins will die, economically speaking, they can't work.

POS won't replace POW, POS will die.

[boolog]

*
Nonetheless, do you think that PoS will completely replace PoW in the future?

So far, pos could not prevail and pow still seems to be the measure of things. Somehow i think that will be the same in the future. No pos coin is really successful and it will stay that way.

[Abiky]

There is no proven safe consensus mechanism other then POW, all POS coins will die, economically speaking, they can't work.

POS won't replace POW, POS will die.

Agree. PoW is by far the safest consensus algorithm in existence. There's no doubt in that. However, in my opinion, PoW is the most centralized consensus algorithm largely because of the formation of mining pools. In Bitcoin's current state, Bitmain control's most of its hashrate due to the mining pools it controls. In addition, mining equipment becomes more expensive over time (SHA-256 ASICs) which makes home mining unfeasible.

On the other hand, anyone can get into PoS if a minimum amount of coins is held within the wallet. Of course, PoS has some level of centralization, but I believe that it's far less than PoW. Despite this, PoW is still the winner in terms of security against 51% attacks. Perhaps, in the future if PoS won't completely replace PoW, it would simply co-exist with PoW.

Remember, that Ethereum (ETH) will be switching to PoS soon, abandoning PoW at its fullest.

So far, pos could not prevail and pow still seems to be the measure of things. Somehow i think that will be the same in the future. No pos coin is really successful and it will stay that way.

Well, Ethereum will probably become PoS by next year. Due to its popularity, it could become the world's most successful PoS cryptocurrency in existence. Even though PoS was introduced by Peercoin not long ago, it wasn't highly successful because of its flaws (such as Nothing as Stake). Ethereum aims to solve this in a unique approach with its Casper PoS consensus algorithm.

Nonetheless, time will tell us whenever PoS would be the right solution or not. Just my opinion

[el kaka22]

POS leads to partial centralization of the system. Since not many users can afford to buy a large amount of cryptocurrency to participate in mining. Therefore, those coins that want decentralization will use POW or hybrid Protocol. Especially now that renewable energy sources are developing very strongly.

You mean POW will be possible for comparatively cheaper ? Who can afford to buy ASIC equipment to compete against industry level miners ? I don't think POS is leading to centralization. If it is true then this problem is also applicable with POW consensus. If centralization is possible in POS then I guess 51% attack kind of other attacks also might be possible.

I am not sure that the chances of 51% attack is completely eliminated in POS. I checked with few developers but unfortunately they are also not aware of in this things. I guess POS was not developed for the reason of eliminating the 51% attack but it was derived for providing easy and alternative way of mining for anyone who is the holder of that coin.

I am always very much concern about green environment. This reason is more than enough for me to support POS. But a POS system should be generic for all level of participant like there should not be any minimum requirement for staking. I believe with few improvement, POS may take over POW. Moreover, POS is good for devs' view as sudden and unexpected dumps will not happen frequently as most people will opt for holding to get easy mining rewards.

[bigcash2011]

We cannot say this as of yet. Bitcoin has been the biggest coin that supports pow so till bitcoin is living on pow algorithm i do not think that pow is going anywhere yes some coins are changing to pos algo but it will not put much effect on pow untill we have bitcoin with pow protocol.

[Denreal]

It's a welcome idea and I see it succeeding. There have been several attacks and hacks on ethereum platform. If the mechanism of POS will make it tougher of any for of attack to be executed, then it will be of great help, most especially for tokens that use the platform of ethereum. POW is in its simplicity, which is why Isis very vulnerable, while POS is more complex, by  encoding extra rules into its software.

[raptorez]

We cannot say this as of yet. Bitcoin has been the biggest coin that supports pow so till bitcoin is living on pow algorithm i do not think that pow is going anywhere yes some coins are changing to pos algo but it will not put much effect on pow untill we have bitcoin with pow protocol.

And for some reason, it seems to me that POW is still beginning to become obsolete, despite the fact that today there is a sense to really look closely at improving this protocol. Maybe in this case, increase the speed.

[NynaHoney]

I think PoW will never be able to replace PoS completely because both of them have their respective strengths so they deserve to be defended without having to leave one of them, only that the PoW will definitely be used more than the PoS
This is like Android, IOS and Windows, so even if one has advantages over the other, the enthusiasts will still be there, because they adjust according to their needs

[sulis sudibyo]

Given how friendly to the environment PoS is (compared to PoW), and how it achieves consensus faster, more cryptocurrencies have been implementing it over time. Ethereum will switch from PoW to PoS within the next years, while other newly-born cryptocurrencies have adopted it. It's been known, how vulnerable PoW has been against 51% attacks with hackers stealing millions of dollars from small blockchain networks with low hashrate by performing double-spending.

In the case of PoS, a hacker or attacker would need to grab a large stake of coins to be able to perform double-spending. Depending on the price of the coin, it could become extremely expensive to attack a PoS blockchain.

Nonetheless, do you think that PoS will completely replace PoW in the future?

POS leads to partial centralization of the system. Since not many users can afford to buy a large amount of cryptocurrency to participate in mining. Therefore, those coins that want decentralization will use POW or hybrid Protocol. Especially now that renewable energy sources are developing very strongly.

yes you're right, the POW system won't die. but if the higher costs incurred for mining, sooner or later people will start switching to POS.

[thefoex]

I think it's impossible, because Pow will continue to survive. many people remain loyal to this consensus. for those who do not have much POW money is a good choice. while POS has too many problems, we have to produce coins from POS that cannot survive in the market. when there is a dump there will be many people selling the coins.

[eternalgloom]

POS leads to partial centralization of the system. Since not many users can afford to buy a large amount of cryptocurrency to participate in mining. Therefore, those coins that want decentralization will use POW or hybrid Protocol. Especially now that renewable energy sources are developing very strongly.

You mean POW will be possible for comparatively cheaper ? Who can afford to buy ASIC equipment to compete against industry level miners ? I don't think POS is leading to centralization. If it is true then this problem is also applicable with POW consensus. If centralization is possible in POS then I guess 51% attack kind of other attacks also might be possible.

Now is actually the best time to buy mining equipment at discount rates. Lots of bigger mining companies are selling their miners very cheaply, just because the prices have slumped so much lately.

I reckon small-scale operations could still be profitable, but it entirely depends on how much they'd pay for their hardware and electricity.

If you live in an area where you can benefit from hydroelectric power (very cheap), then I imagine it would still be profitable to mine Bitcoin, even at these prices.

[Aponkye1]

In as much as the PoS has been greatly admired by the entire cryptospace i would not say that it would completely replace it but then it can be largely used by the crypto community depending on the blockchain network that is being used. For all we know there can be a development of a modified form of PoW which may be environmentally friendly and also very easy to operate on.

[Abiky]

We cannot say this as of yet. Bitcoin has been the biggest coin that supports pow so till bitcoin is living on pow algorithm i do not think that pow is going anywhere yes some coins are changing to pos algo but it will not put much effect on pow untill we have bitcoin with pow protocol.

That's certainly true, mate. If Bitcoin remains as a PoW cryptocurrency, then the algorithm itself may never die. I believe that Bitcoin has stayed with PoW, simply because it's the most secure consensus algorithm to date. While there's a huge flaw inherent within PoW which makes the formation of centralized mining pools possible, it could easily be fixed with the newly proposed Optical PoW (PoW+) or a change in the stratum protocol (I believe it's called betterhash).

Despite this, PoS is still the most energy efficient consensus algorithm to date. The benefits are numerous not only limited to energy efficiency, but also faster speeds and low fees. Because of this, Ethereum will switch to PoS soon making the platform scalable than ever. With Ethereum's current prices and the minimum amount of coins required for staking, it'll become extremely expensive to perform a 51% attack on its blockchain.

Nonetheless, time will tell us whenever PoS would fail or live alongside PoW and other consensus algorithms for a long time. Just my opinion

It's a welcome idea and I see it succeeding. There have been several attacks and hacks on ethereum platform. If the mechanism of POS will make it tougher of any for of attack to be executed, then it will be of great help, most especially for tokens that use the platform of ethereum. POW is in its simplicity, which is why Isis very vulnerable, while POS is more complex, by  encoding extra rules into its software.

PoW is terrible for small blockchain networks, as the hacker could easily perform double spending at a low cost. On the other hand, PoS seems to be much more expensive than PoW since it relies on a minimum ownership of coins based on their current price. The only downside of this is that if a specific cryptocurrency is dirt cheap, then double spending attacks would become inexpensive to perform. Which is why, I believe that the best solution would be a hybrid PoW/PoS model. This takes advantage of the security of the PoW consensus algorithm, while adding an extra level of security and energy efficiency by staking.

Speaking of hybrid consensus, Magi (XMG) is a hybrid cryptocurrency which provides the benefits of both PoW and PoS, making double spending attacks extremely expensive to perform by a hacker. On the other hand, dPoW (Delayed Proof of Work) is a different consensus algorithm that provides a high level of security to any blockchain network, because it "notarizes" transaction data into the Bitcoin blockchain. Since Bitcoin is extremely secure, cryptocurrencies which make use of dPoW would obtain the same level of security as Bitcoin making double spending attacks unfeasible.

[jointherevolution]

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.

[raptorez]

I think it's impossible, because Pow will continue to survive. many people remain loyal to this consensus. for those who do not have much POW money is a good choice. while POS has too many problems, we have to produce coins from POS that cannot survive in the market. when there is a dump there will be many people selling the coins.

There are positives and negatives, this is always the case, as usual, the medal has two sides, here I also want to say that you need to correctly understand which model is outdated today, and which can still work.

[Zin-Zang]

Given how friendly to the environment PoS is (compared to PoW), and how it achieves consensus faster, more cryptocurrencies have been implementing it over time. Ethereum will switch from PoW to PoS within the next years, while other newly-born cryptocurrencies have adopted it. It's been known, how vulnerable PoW has been against 51% attacks with hackers stealing millions of dollars from small blockchain networks with low hashrate by performing double-spending.

In the case of PoS, a hacker or attacker would need to grab a large stake of coins to be able to perform double-spending. Depending on the price of the coin, it could become extremely expensive to attack a PoS blockchain.

Nonetheless, do you think that PoS will completely replace PoW in the future?

There is no proven safe consensus mechanism other then POW, all POS coins will die, economically speaking, they can't work.

POS won't replace POW, POS will die.

PoW is not safe, that is just a myth to fool the clueless into throwing their fiat at it.
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/

Name         1h Attack Cost    
Bitcoin          $303,117    
Ethereum          $96,847    
Bitcoin Cash      $12,663
Litecoin          $19,919    
Monero              $5,119
Dash                $2,624    
Ethereum Classic    $4,888
Zcash             $16,494
Bitcoin Gold         $971
Bytecoin             $149
 

Proof of Stake have been around since 2013, and none of the fairly tales myths told by PoW hopefuls have destroyed PoS.
PoS is here to stay, PoW's pure waste of resources may be it's undoing sooner, rather than later.