Comment on Just 137 crypto miners use 2.3% of total U.S. power — government now requiring commercial miners to report energy consumption

• Halcyon@discuss.tchncs.de ⁨4⁩ ⁨months⁩ ago

  With the disadvantage of large stakeholders dominating the network and undermining the decentralization.

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  • parpol@programming.dev ⁨4⁩ ⁨months⁩ ago

    Which is just as true with mining, except money is staked into mining rigs.

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    • FaceDeer@kbin.social ⁨4⁩ ⁨months⁩ ago

      It's actually more true for proof-of-work mining than it is for proof-of-stake. PoW mining has strong economies of scale, a professional miner with a warehouse full of mining rigs and a special deal with an industrial electricity supplier can churn out hashes more cheaply than a home miner can. Whereas the hardware needed for PoS is negligible so there's nowhere near that disparity between small and large miners.

      Also, under Ethereum at least (the largest proof-of-stake chain and the one I'm most familiar with the workings of), stakers don't "dominate" the network. They have no decision-making power over what the consensus rules are. If the users decide to upgrade to a new version and the stakers refuse to go along with that or try to push an upgrade that the users don't want then those stakers lose their stake after the resulting fork.

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      • an0nym0us@lemmy.dbzer0.com ⁨4⁩ ⁨months⁩ ago

        [deleted]

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  • an0nym0us@lemmy.dbzer0.com ⁨4⁩ ⁨months⁩ ago

    [deleted]

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    • Halcyon@discuss.tchncs.de ⁨4⁩ ⁨months⁩ ago

      I don’t defend anything - I simply do not consider the existing crypto assets as an alternative to currencies at all. They are still so far from being reliable or stable to be a good means of general exchange. They have their place in the area of investment and speculation and that works fine for me.

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      • FaceDeer@kbin.social ⁨4⁩ ⁨months⁩ ago

        How about stabletokens, many of which are pegged directly to the value of the USD?

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• zergtoshi@lemmy.world ⁨4⁩ ⁨months⁩ ago

  Primecoin wants to have a word having done useful PoW for over a decade.

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  • an0nym0us@lemmy.dbzer0.com ⁨4⁩ ⁨months⁩ ago

    [deleted]

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    • zergtoshi@lemmy.world ⁨4⁩ ⁨months⁩ ago

      Prime numbers are searched for doing the PoW. The blockchain essentially contains a data base with prime numbers. As far as I can tell Primecoin never was popular,.but I like the novel approach of doing things, when most cryptocurrencies of that time were lame copies.
      Btw. the Primecoin creator made Peercoin, which was afaik the first (and apparently still running) network being secured by Proof-of-Stake.

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• SpeakinTelnet@programming.dev ⁨4⁩ ⁨months⁩ ago

  Hybrid pow/pos has been worked on since the beginning. Peercoin is still alive.

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