stay 20 century 90 s , I regularly drive back and forth between San Luis Obispo and Los Angeles to visit my parents . In podcasts and Pandora Before the emergence of streaming music service providers , I sometimes listen to radio sermons when I'm bored . I remember it clearly , I once heard a preacher answer the audience's questions on the radio , He said in a deep old voice ：“ How do we know 《 Bible 》 What you said is true ？” Then make no ironic pause , Said indifferently ：“ We know 《 Bible 》 Is real …… because 《 Bible 》 That's what he told us .”
People for PoW There are many concerns about the economic and environmental costs of cryptography money . Some people suggest turning to proof of interest to avoid most of the costs . This made the same mistake as the old missionary .
Cryptocurrency is essentially a Deal list , It's also An agreement that determines which transactions can be added to the list .
Simply speaking ,PoS The operation mode of the system is as follows ：
There is a valid transaction list to determine the ownership of tokens
The person holding the token decides which transactions are valid
You don't need to know more about PoS The details of the system , Will be suspicious . The more you know , The more suspicious you will be ： The history of perpetual motion machines is to reduce the transparency of the second step , Causing investors to forget the connection between step 1 and step 3 .
PoS Is it feasible? ？
Yes, of course , It is feasible for a long time to come . It's easy to reach a consensus when everyone agrees . however , If you pull the timeline long enough , There will be conflicts that are difficult to solve . Even if it's brilliant 、 Leaders with high moral integrity and high prestige have only been for decades , Some even die young .
PoS Is essentially self referential . There are likely to be two identical 、 Equally effective chain , The only difference may be that the pledgers on the two chains are different . because “ pledge ” Limited within the blockchain , Cannot be used to select between two chains . Under proper pressure , Eventually there will be an unwritten meta consensus agreement to decide “ Which chain should we focus on ”. What kind of protocol depends on the nature of bifurcation .
What happens when consensus fails ？
One risk is a close bifurcation , Then it leads to long-term disputes within the community , for example , How to adjust pledge reward , how “ Repair ” Be destroyed / A black contract , How to deal with the theft of the deposit, etc .
I am right. ETH/ETC Split without any opinion . Because most miners choose ETH, The wounds caused by this division have been healed . Now? ,ETC The security of is much lower than ETH, Also experienced several times 51% attack . Calculate the force （ A limited resource ） Centralization creates a positive feedback loop , Encourage residual computing power to give up smaller bifurcation .
A fork PoS Chain can create two chains , One of them will be recognized by most Pledgors . This bifurcation will repeat endlessly . Which chain is “ really ” Of ？
In my submission Matt Levine There is a saying to the point ： “ In a way , The night guard is the real controller of the company .” Who has the key to the gate , Who can get control . Which fork chain did the exchange choose , Will adopt it “ Code name ”, But who can guarantee that all exchanges will recognize the same forked chain ？ This can lead to chaotic and unpredictable situations .
But I have a way to solve this problem ！
Describe a PoS Don't say “ You have influence over this chain , Because that's what this chain says ”.
Link to the original text : https://github.com/stickfigure/blog/wiki/Proof-Of-Stake-Wears-No-Clothes
author : Jeff Schnitzer
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