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Any chance for a move to PoS?!

Hi folks,

I’ve got an idea of a hybrid PoW/PoS system that could potentially improve the network’s energy efficiency. I’d propose that we implement a second layer of security so the network could be secured by both PoW and PoS. So this is the idea..

A new consensus rule would allow the network to reject a fork that currently has the longest PoW (so the hodlers could indirectly vote for the “true” ledger). There would be three little steps to sign up, vote then agree on the real blockchain. This new system works that way:

Step 1: all the users who want to participate must create a key pair then link their wallets’ addresses to their public key (the owner of the wallets must authorize the operation with his signature). In the voting process the amount of votes one voter has is proportional to the amount of coins that he owns (the votes must include the voter’s signature to be valid).

Step 2: Any participant can create a poll and allow the network to vote in favor of rejecting a specific block. Any user who doesn’t answer a poll is automatically voting in favor of not rejecting the block (even if he is not registered), the majority vote should then decide whether the block is accepted or rejected by the network (the last block of the fork should be used as a reference point for counting the votes).

Step 3: The participants must update their own record and share their data (it doesn’t matter if all the records are not exactly the same as it will probably not affect the polls’ result). Each node operator must set his own voting parameters.

The incentive for a node operator to participate is to protect the wealth of his clients. The goal is to speed up the block time then secure the network with a PoS sidechain.

Let me know what you think. Thanks!

What do you think?

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8 Comments

  1. If I have a 100 coins, in the POS system I can put it *all* up … *all* the time.

    In POW, even if I have a 100K machines and all the electricity to power them, it still only make sense to use as much as is profitable. If the coin is worth $1 vs $10K, it affects how much electricity I use – even if I am capable of billions of tera-hashes.

    In POS, if the coin forks – and now you have 100 coins in each chain – you can put up *all* your coins, in *all* chains, *all* the time.

    In POW, if a coin forks, you have to choose what percentage go to each.

    These are FUNDAMENTAL differences between POW and POS.

    For some reason I think POW will lend itself better to a global currency ove POS – I cant articulate why.

    and its comforting to know that BCH is the #2 POW coin on the planet .

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