Staked Proof-of-Work a new alternative to POW/POS?
Honestly I got to thank reddit. Without reddit I won't be finding these new concepts to write about :)
So in this article, they talk about an alternative to current proof systems.
This proof does not worry about the so called "energy costs" instead it looks to fix centralization issues.
The main worry of POW is 51% attacks or miners trying to use it power to control the network, While Bitcoin proved miners weren't everything, they did not escape without scars and BCH was formed.
POS has issues in the fact, the rich get richer. It very hard to distribute POS coins. It either done by ICOs or temporary POWs. When a single token holders gets 10-15% of the tokens(and decides to stake them)they shall mountain that massive control. At Least in POW the miners might be toppled one day.
POS makes the coin owners more willing to make the coin better because their investment is in the line. POW technically can switch and mine different coins.
There is more to the story and I like POW better.
DPOS has centralization issues(sorry steem) but it does make up for it by the amazing speed.
What Staked Proof-of-Work(SPOW) is doing is making a double whammy.
In order to mine in SPOW you need to owns the coins.
A stake is required to mine on the network and, the more the stake, the more the allowed mining capacity. There are two main active parts to the consensus, the Mining, and the Staking. It also works in reverse, that a stake needs to have mining power to actually get rewards. The more the mining power, the more stake capacity is required.
A miner with the ability to mine at the rate of 100 MegaHashes/seconds, will need to make an equivalent stake to the network to be able to utilize all the owned hashpower. Likewise, a user with 100,000 of the network’s native currency would need to run the mining process equivalent to the stake to achieve maximum reward.
The consensus also provides for Miners with no stake as well as Stakers with no Mining power, by allowing Leasing of stake to Miners by Stakers and pooling of a miner’s mining power to a miner with greater stake.
The consensus both raises the resistance to 51% attack (by increasing the amount of work needed to be done to achieve such an attack) as well as provide incentivization for all participants of the network. It also passively reduces the ultimate power of both the miners and the stakers.
This is an interesting idea but is kinda just a better POS.
POW is still better I have yet to see any good alternatives to it.
*In terms of decentralization
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