21
votes
Will Monero ever move to Proof of Stake (PoS)?
Though your first sentence is not actually a question, I shall refute your statement. Energy is never burned using POW or wasted, every single bit of it serves an extremely valuable purpose, no miner ...
- 6,484
17
votes
Will Monero ever move to Proof of Stake (PoS)?
No.
Let me present some arguments.
As an ecological dilemma
Let's consider the scale of mining operations energy consumption. I will take a random mining rig consisting of 6 AMD 480 GPUs, and ...
- 19.9k
8
votes
Why does Monero use proof of work?
PoW is more secure than PoS in that it costs nothing to try to fork a PoS chain. An attacker can try to make as many different chains as they can with a PoS chain, but with PoW if you try to fork the ...
- 741
6
votes
Accepted
Why does Monero use proof of work?
The role of PoW is only to order transactions chronologically, nothing else. Thing is, PoW is the only known way to have the authority on transaction ordering be decentralized. PoS can't work for that ...
- 19.9k
4
votes
Would it be possible to use PoS on Monero without corrupting privacy and if possible how?
It is possible to generate a proof of balance (reserve proof), which states you own at least the claimed amount.
See rpc doc about it.
So theoretically, it is possible.
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3
votes
Why does Monero use proof of work?
The simplest reason why Monero uses Proof of Work (PoW) is because it is guaranteed to work and was the only option at the time (2014).
It is entirely possible that Proof of Stake consensus ...
- 242
1
vote
Accepted
What is the loki wallet cli command to join a staking pool service node?
it is actually described here: https://docs.loki.network/ServiceNodes/SNFullGuide/#622-pool-contributor
stake <Service Node Pubkey> <contribution amount>
- 26
1
vote
Would it be possible to use PoS on Monero without corrupting privacy and if possible how?
I have a few of thoughts on this:
The most straightforward way I can think of, in any use case, would be to use a combination of time-locked outputs and a type of reserve proof. This way, the user ...
- 5,495
1
vote
Could proof-of-stake be implemented in a privacy coin, even in principle?
Yes, I believe this is theoretically possible. I see some restrictions, though.
Monero's transactions ensure the sum of inputs equals the sum of outputs (inclduding the fee). This is done by some ...
- 34.8k
1
vote
Could proof-of-stake be implemented in a privacy coin, even in principle?
For Proof of Stake in e.g. Ethereum, someone that owns funds can become a "validator" by sending a special type of transaction that locks up their ether into a deposit. The process of creating and ...
- 8,448
1
vote
Why does Monero use proof of work?
PoS saves electricity the same way you save electricity when you unplug your refrigerator.
Do not count on it to provide long term security (freeze past transactions). The problem is twofold:
Unlike ...
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