Proof-of-work is objective, proof-of-stake is not | Crypto Craft

  • Proof-of-work is objective, proof-of-stake is not

    From bitcoinmagazine.com

    Proof-of-stake is a proposed alternative consensus mechanism to the proof-of-work that Bitcoin’s consensus mechanism uses. Instead of requiring the consumption of energy, proof-of-stake requires miners (usually called validators) to put digital assets at stake in order to contribute to the block production process. Staking incentivizes them to behave honestly, so as to avoid losing their stake. In theory, with only honest validators, the network will quickly come to consensus about the order of transactions and, therefore, about which transactions are invalid double-spends. Proof-of-stake has been the subject of ... (full story)

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Goat
Jun 13, 2022 7:43pm — Edited
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I hear some intelligent voices emerging from the crypto industry, like this author. I expect to hear more of them as the crypto market sobers up.

My take on PoS it dumbed down from the author's.. it won't work long term because it was invented by laymen. It functions like a security at its core, with founders holding all the control. PoW, on the other hand, was invented by the genius that is Satoshi, and functions like a commodity.

That is to say, PoS is not an evolution of PoW. They're related only in superficial ways. PoS is a whole new invention that hasn't been proven at scale. I'm pretty sure it will never be proven, but unfortunately that's not an easy view to express as a trade.
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