Bitcoin Forum
November 15, 2024, 01:28:08 AM *
News: Check out the artwork 1Dq created to commemorate this forum's 15th anniversary
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: what is POW?  (Read 1393 times)
mafia (OP)
Hero Member
*****
Offline Offline

Activity: 641
Merit: 500


View Profile
July 19, 2014, 01:34:31 PM
 #1

Can someone explain to me what POW phase is? is it better to mine during the POW phase?

thanks!
Chrithu
Full Member
***
Offline Offline

Activity: 224
Merit: 100


View Profile
July 19, 2014, 01:45:05 PM
 #2

POW stands for "Proof of Work".

It is the principle behind how mining Bitcoin work. Basically it means that in order to find blocks you proof that you have contributed hashing power to the network.

Another approach that some altcoins take is PoS or "Proof of Stake". Here basically your current wallet balance determines your chances of finding a block.

Simplified you could say that PoW rewards you for contributing more hashing power than others do, while PoS aims at rewarding you for using the network (buying the coin and making transactions) as well as contributing hashing power for prolonged periods of time (and thus building up a stake from the rewards for found blocks).

mafia (OP)
Hero Member
*****
Offline Offline

Activity: 641
Merit: 500


View Profile
July 19, 2014, 01:54:27 PM
 #3

i see! thanks. I am mining a coin which has POW for 24 hours. so why would it only be 24 hours? what happens after?
gragas
Newbie
*
Offline Offline

Activity: 40
Merit: 0


View Profile
July 19, 2014, 04:03:13 PM
 #4

Proof of work or means prisoner of war, in this case its proof of work.
Mercator
Newbie
*
Offline Offline

Activity: 17
Merit: 0


View Profile
July 19, 2014, 06:43:22 PM
 #5

i see! thanks. I am mining a coin which has POW for 24 hours. so why would it only be 24 hours? what happens after?

A lot of the new alts have short emissions in the POW phase - then they move onto a POS stage which saves power and is perhaps nowadays the only way to overcome BTCs massive advantage in hashing power.
KimNam
Hero Member
*****
Offline Offline

Activity: 644
Merit: 500



View Profile
July 19, 2014, 06:49:56 PM
 #6

i see! thanks. I am mining a coin which has POW for 24 hours. so why would it only be 24 hours? what happens after?
because dev of that coin just want it for 24 hours Tongue
after that? usually become POS coin, if that coin is POW + POS hybrid
Kiloday
Newbie
*
Offline Offline

Activity: 14
Merit: 0


View Profile
July 19, 2014, 07:16:34 PM
 #7

PoW = Proof of Work

Miners compute hashes to solve blocks and get coins.

PoS = Proof of Stake

Your wallet balance determines your chances of solving a block and getting coins.

I'm not sure about how other PoW + PoS hybrids work, but Peercoin is an example of a coin that is initially PoW but gradually transitions to a PoS stage over time. In the beginning, coins are produced via traditional PoW mining just like the way Bitcoin is mined. Over time, PoS begins to overtake PoW until the majority of new coins are generated via PoS minting. Peercoin uses coin age which means that coins must be kept in a wallet for a certain length of time before proof of stake starts to take effect. Furthermore, PoS coins usually require you to keep your wallet running and unlocked in order to stake coins.
BitCoinDream
Legendary
*
Offline Offline

Activity: 2394
Merit: 1216

The revolution will be digital


View Profile
July 19, 2014, 07:26:40 PM
 #8

Can someone explain to me what POW phase is? is it better to mine during the POW phase?

thanks!

This question is already answered before. U might like to read this...

In short, Proof-of-Work and Proof-of-Stake are criteria that determine your ability to add a block to the block chain. Their purpose is to ensure that the cost of adding an invalid transaction to the block chain is more than the benefit of the invalid transaction.

In PoW, the amount of work done by your mining hardware determines your chances of adding a block. In order to double spend you would need to expend a lot of computing power.

In PoS, the amount of coins you own determines your chances of adding a block. Double-spending damages the integrity of the currency, and doing it would threaten the value of the coins you own.


mafia (OP)
Hero Member
*****
Offline Offline

Activity: 641
Merit: 500


View Profile
July 19, 2014, 08:27:03 PM
 #9

Thanks guys,  I understand now! Have a good weekend all!
montello
Full Member
***
Offline Offline

Activity: 126
Merit: 100


View Profile
August 22, 2014, 12:16:27 PM
 #10

Even though i have not tested my mining skills yet being a newbie i have learned a lot from this.Thanks you Guys.

abora
Full Member
***
Offline Offline

Activity: 154
Merit: 100


View Profile
August 22, 2014, 01:10:10 PM
 #11

Highly elaborating discuss i have gained a lot.

melisande
Sr. Member
****
Offline Offline

Activity: 434
Merit: 250



View Profile
August 22, 2014, 01:53:15 PM
 #12

I appreciate this posting it really makes sense.Thanks.
Gnarrrly
Newbie
*
Offline Offline

Activity: 28
Merit: 0


View Profile
August 22, 2014, 02:12:27 PM
 #13

Whats the point of POS when compared to POW? Its just all a big joke?
dumbdragon
Sr. Member
****
Offline Offline

Activity: 588
Merit: 354



View Profile
August 22, 2014, 06:07:16 PM
 #14

I'm interested in knowing the advantages and disadvantages of both? Can anyone explain please?

Wusolini
Legendary
*
Offline Offline

Activity: 1190
Merit: 1000


no need to carry heavy money bags anymore


View Profile
August 22, 2014, 07:15:52 PM
 #15

I'm interested in knowing the advantages and disadvantages of both? Can anyone explain please?

Read this, https://bitcointalk.org/index.php?topic=27787.0  it's quite interesting discussion.


Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!