Difference between revisions of "Proof of Stake (PoS)"
From Bee Wiki (HIVE)
(other languages) |
|||
| (12 intermediate revisions by 4 users not shown) | |||
| Line 3: | Line 3: | ||
Proof of Stake cryptocurrencies can be faster and much more cost effective in comparison with [[Proof of Work (PoW)]] based ones (such as Bitcoin). The incentives of the block generator are also different. Under Proof-of-Work, the generator may potentially own none of the currency they are mining. The incentive of the miner is only to maximize their own profits. In Proof of Stake, those "guarding" the coins are also those who own the coins. | Proof of Stake cryptocurrencies can be faster and much more cost effective in comparison with [[Proof of Work (PoW)]] based ones (such as Bitcoin). The incentives of the block generator are also different. Under Proof-of-Work, the generator may potentially own none of the currency they are mining. The incentive of the miner is only to maximize their own profits. In Proof of Stake, those "guarding" the coins are also those who own the coins. | ||
| − | [[ | + | [[Hive]] uses [[Delegated Proof of Stake (DPoS)]] which is the fastest, most efficient, most decentralized, and most flexible [[consensus]] model available. DPOS leverages the power of stakeholder approval voting to resolve consensus issues in a fair and democratic way. All network parameters, from fee schedules to block intervals and transaction sizes, can be tuned via elected delegates. Deterministic selection of block producers allows transactions to be confirmed very quickly. Perhaps most importantly, this consensus protocol is designed to protect all participants against unwanted regulatory interference. |
| + | |||
| + | |||
| + | ==Links== | ||
| + | |||
| + | * '''@numberofthingz''' : [https://hive.blog/blockchain/@numberofthingz/what-is-staking What is Staking?] ''July 11, 2020'' | ||
| + | |||
| + | ==External Links== | ||
| + | |||
| + | * '''Cointelegraph''' : [https://cointelegraph.com/news/all-in-on-pos-blockchains-an-overview-of-crypto-staking-networks All in on PoS Blockchains: An Overview of Crypto-Staking Networks] ''Written by Jinia Shawdagor, published in 5/17/2020'' | ||
| + | * '''Cointelegraph''' : [https://cointelegraph.com/news/the-steem-takeover-and-the-coming-proof-of-stake-crisis The Steem takeover and the coming proof-of-stake crisis] ''Written by Joël Valenzuela, published in 3/5/2020'' | ||
| + | * '''[[Dan Larimer]] [[Medium]] Blog''' : [https://medium.com/@bytemaster/all-blockchain-magic-comes-with-a-price-dbef56947fcd All Blockchain Magic comes with a Price] ''Written by [[Dan Larimer]], published in 2/29/2020.'' | ||
| + | * '''Eric Wall [[Medium]] Blog''' : [https://medium.com/@ercwl/proof-of-stake-is-less-wasteful-b2854a191766 Proof-of-Stake is less wasteful] ''Written by Eric Wall, published in 12/23/2019.'' | ||
| + | * '''Coinmonks [[Medium]] Blog''' : [https://medium.com/coinmonks/proof-of-work-vs-proof-of-stake-for-real-idiots-a23ac4565649 Proof-of-Work vs. Proof-of-Stake for real idiots] ''Written by Patrick Wieth, published in 10/1/2019.'' | ||
| + | * '''Meltem Demirors [[Medium]] Blog''' : [https://medium.com/@Melt_Dem/reflections-from-the-inaugural-staking-summit-145a5b632018 Reflections from the Inaugural Staking Summit] ''Written by Meltem Demirors, published in March 28, 2019'' | ||
| + | * '''Hugo Nguyen [[Medium]] Blog''' : [https://medium.com/@hugonguyen/proof-of-stake-the-wrong-engineering-mindset-15e641ab65a2 Proof-of-Stake & the Wrong Engineering Mindset] ''Written by Hugo Nguyen, published in March 18, 2018'' | ||
| + | * '''Coinmonks [[Medium]] Blog''' : [https://medium.com/coinmonks/blockchain-consensus-and-fault-tolerance-in-a-nutshell-765de83b8d03 Blockchain Consensus And Fault Tolerance In A Nutshell] ''Written by Demiro Massessi, published in 1/6/2019.'' | ||
==Related articles== | ==Related articles== | ||
| Line 10: | Line 26: | ||
* [[Consensus]] | * [[Consensus]] | ||
* [[Proof of Work (PoW)]] | * [[Proof of Work (PoW)]] | ||
| − | |||
| − | |||
| − | |||
| − | |||
<br> | <br> | ||
| Line 20: | Line 32: | ||
<br> | <br> | ||
{| class="wikitable" style="margin: auto;" | {| class="wikitable" style="margin: auto;" | ||
| − | | Help keep this wiki page updated. Register, click in [https:// | + | | Help keep this wiki page updated. Register, click in [https://hive.blog/index.php?title=Dolphin&action=edit edit], add or modify the text and save. <br>If you're already a hiver you have a chance to be rewarded with HIVE by posting your wiki contributions and receive upvotes. |
|- | |- | ||
|} | |} | ||
Latest revision as of 06:40, 12 July 2020
Proof of Stake (PoS) is a is a blockchain protocol in which the creator of the next block is chosen in a deterministic (pseudo-random) way, and the chance that an account is chosen depends on its wealth (i.e. the stake).
Proof of Stake cryptocurrencies can be faster and much more cost effective in comparison with Proof of Work (PoW) based ones (such as Bitcoin). The incentives of the block generator are also different. Under Proof-of-Work, the generator may potentially own none of the currency they are mining. The incentive of the miner is only to maximize their own profits. In Proof of Stake, those "guarding" the coins are also those who own the coins.
Hive uses Delegated Proof of Stake (DPoS) which is the fastest, most efficient, most decentralized, and most flexible consensus model available. DPOS leverages the power of stakeholder approval voting to resolve consensus issues in a fair and democratic way. All network parameters, from fee schedules to block intervals and transaction sizes, can be tuned via elected delegates. Deterministic selection of block producers allows transactions to be confirmed very quickly. Perhaps most importantly, this consensus protocol is designed to protect all participants against unwanted regulatory interference.
Links
- @numberofthingz : What is Staking? July 11, 2020
External Links
- Cointelegraph : All in on PoS Blockchains: An Overview of Crypto-Staking Networks Written by Jinia Shawdagor, published in 5/17/2020
- Cointelegraph : The Steem takeover and the coming proof-of-stake crisis Written by Joël Valenzuela, published in 3/5/2020
- Dan Larimer Medium Blog : All Blockchain Magic comes with a Price Written by Dan Larimer, published in 2/29/2020.
- Eric Wall Medium Blog : Proof-of-Stake is less wasteful Written by Eric Wall, published in 12/23/2019.
- Coinmonks Medium Blog : Proof-of-Work vs. Proof-of-Stake for real idiots Written by Patrick Wieth, published in 10/1/2019.
- Meltem Demirors Medium Blog : Reflections from the Inaugural Staking Summit Written by Meltem Demirors, published in March 28, 2019
- Hugo Nguyen Medium Blog : Proof-of-Stake & the Wrong Engineering Mindset Written by Hugo Nguyen, published in March 18, 2018
- Coinmonks Medium Blog : Blockchain Consensus And Fault Tolerance In A Nutshell Written by Demiro Massessi, published in 1/6/2019.
Related articles
| Help keep this wiki page updated. Register, click in edit, add or modify the text and save. If you're already a hiver you have a chance to be rewarded with HIVE by posting your wiki contributions and receive upvotes. |
