POS who often changes new clothes

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
• <complexity>
• 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 ”.