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20

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 is wasting energy, they all get paid for their contribution and that contribution is proportional to the usefulness and value of the network as a whole. It uses ...


17

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 giving 3450h/s for my calculation. Each GPU has a TDP of 150W, and that gives us 261W/kH. Actual Monero network hashrate is 30MH/s and market cap. 90mil USD. From ...


8

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 chain and you fail, that orphaned block took time and energy, because your computer is hashing away, working. There is no work needed in PoS mining, therefore ...


6

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 purpose. There's some good research on this: https://download.wpsoftware.net/bitcoin/pos.pdf The problem boils down to the fact that, with PoS, what you're ...


4

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.


2

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 algorithms will dominate PoW algorithms in the future, but at the time of this answer (2017), this is not the case. Monero is using quite a number of new ...


1

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 simultaneously publicly demonstrates the ownership of funds and not being able to spend said funds for a certain duration. One would probably wield their "power" ...


1

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 kind of homomorphic addition over the values, and comparing the results. A proof of stake system could probably be built by allowing a type of transaction where ...


1

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 agreeing to new blocks is then done through a consensus algorithm that all current validators can participate in. Monero already has a type of transaction, called ...


1

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 an attack against a PoW coins (that cost energy), the attack on PoS coins cost only PoS coins. The supply of PoS coins is unlimited because they cost nothing ...


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