Defining Proof of Stake

[teddyelwyn]

I liked this breakdown of the current definition of Proof of Stake and how there are three known problems behind the current definition. See below:

“PoS refers to the entire class of mechanisms whereby the amount of cryptocurrency you hold determines the extent to which you can participate in consensus.”

Problem 1: Very high level and ignores real externalties.
Problem 2: No distinction between systems with different properties.
Problem 3: Systems with similar non-stake mechanisms end up getting unfairly grouped together.

What I liked about this article is that it explains to the reader that just by claiming PoS doesn't give the  platform enough respect and knowledge where due.

https://elixxir.io/blog/on-defining-proof-of-stake?utm_content=95841549&utm_medium=social&utm_source=twitter&hss_channel=tw-1035909837031436291

What  are your thoughts on the current definition and PoS systems?

[akeegan]

It's an interesting claim Elixxir makes about not using the words "Proof of" in their consensus and the reason why

[CuriousGeorge]

It's an interesting claim Elixxir makes about not using the words "Proof of" in their consensus and the reason why

I thought that they are still using Proof of but they have changed the words of stake with bonded deposit and that sounds simillar with act as collateral what already used by USDQ to create its own stable coin based on much bitcoin or another major crypto that already sent to the collateral address to backed the new USDQ that will be issued by the users.