Proof of ... systems in mine.

[CharHill]

Tell me about benefits and flaws of diffrent proof of systems in rather mine tech (Hardware, CPU, GPU):
1) PoW
2) PoS
3) PoB
4) PoI

[1713536451]

1713536451

[RiffRofl]

I think only POW is mineable? 

[BitCoinDream]

Tell me about benefits and flaws of diffrent proof of systems in rather mine tech (Hardware, CPU, GPU):
1) PoW
2) PoS
3) PoB
4) PoI

Know about PoS & PoW. What are PoB & PoI by the way ?

[Dare]

PoB is Proof of Burn, but I'm unfamiliar with PoI.

For the newbies: Proof of Work (PoW), Proof of Stake (PoS).

[kingama]

A problem I learned about with proof of Stake is if lots of coins are stolen, it can compromise network security rather than just taking resources from one party and moving it to another. A coin recently did a hard fork because of this but I forget which one.

[Nagato4]

PoB is Proof of Burn, but I'm unfamiliar with PoI.

For the newbies: Proof of Work (PoW), Proof of Stake (PoS).

I believe the PoI stands for "Proof of Importance" used by NEM (announcement thread: https://bitcointalk.org/index.php?topic=426303.0)

+ Unlike Bitcoin and other mining coins, all NEM would be distributed at the genesis block. NEM stakeholders are its own network nodes which verify the transactions and protect the network following a hybrid of Proof of Stake/ Proof of Importance forging mechanism. This type of distribution eliminates the need to have a mining industry which is an external force that imposes a huge cost to Bitcoin and other POW networks. The computational arm-race is avoided by using the hybrid of Proof of Stake/ Proof of Importance forging mechanism.

+ A novel method Proof of Importance haversting that rewards the nodes that are most important to the network, not the nodes with the biggest number of NEM.

I can't find the details of it though...

[CharHill]

I think only POW is mineable? 

cos btc is using PoW system, for GPU mine needs so much PC power, that it is non profitable

[btcguys]

is it possible for system to change systems? like from PoW to PoS etc..

[Bogleg]

is it possible for system to change systems? like from PoW to PoS etc..

Depend on the coin developers.

The widely adapted coin can't be change easily as reaching consensus among the users is not easy.

[BitcoinMillionaire]

is it possible for system to change systems? like from PoW to PoS etc..

It is possible, at least theoretically. You can either change after a certain number of blocks mined or if the majority of miners agree (you may experience a fork, then). PoS, and I would mine every single block, haha

[Buziss]

is it possible for system to change systems? like from PoW to PoS etc..

Yes it could be changed, but it will cause a hard fork and so you need to have a majority of people on your side to actually implement such changes.

For example, you can find the thread https://bitcointalk.org/index.php?topic=665409.0;all discussing a change to PoS for dogecoin.

[giveBTCpls]

There are no benefits beyond POW. All the rest are just trying to be "innovative" for the sake of being innovative and trying to give people a reason to invest on their shitty coins.

[BunsenBurner]

Tell me about benefits and flaws of diffrent proof of systems in rather mine tech (Hardware, CPU, GPU):
1) PoW
2) PoS
3) PoB
4) PoI

There is no mining in all those pure PoS and PoB setting. Indeed, they were created to remove the hashing process.

[InwardContour]

Tell me about benefits and flaws of diffrent proof of systems in rather mine tech (Hardware, CPU, GPU):
1) PoW
2) PoS
3) PoB
4) PoI

You miss PoP, that is Proof of Partecipation and it's used by the Let'sTalkBitcoin coin (LTB),
in simple words you have to make posts in the forum, reading articles, listen podcast and so on.

[Leina]

So many P that few will care. So far, only bitcoin has usage.

[BunsenBurner]

So many P that few will care. So far, only bitcoin has usage.

There are sites directly accepting popular altcoins like ltc and doge, and there are sites accepting altcoin with coinpayments (like bitpay in bitcoin).

[littlewizard]

Of PoW and PoS, PoW is much safer than PoS.
I have heard about PoB, and I think it doesn't associate with safety issue

[SwingBTC]

It's all about POW.

[elliwilli]

1) PoW Proof of work is mineable, it is more vulnerable to 51% attacks.
2) PoS PoS is not mineable, it is "Mined" By the amount you have stored in your wallet
3) PoB Proof of burn is not used by any coins. its a highly destructive method and would doom the coin to failure eventual.
4) PoI PoI i don't know much about.

[CharHill]

1) PoW Proof of work is mineable, it is more vulnerable to 51% attacks.
2) PoS PoS is not mineable, it is "Mined" By the amount you have stored in your wallet
3) PoB Proof of burn is not used by any coins. its a highly destructive method and would doom the coin to failure eventual.
4) PoI PoI i don't know much about.

PoI is using by NXT , NEM and other 2g coins, it's like update PoS, but with countered blockchain system prefer, it system look on the importants of users in blockchain system