There is so much negativity I'm hearing today and I feel it is because people have not fully understood the role of Songbird, so let me explain it with a few name changes and tell me how you feel about it then.
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Let us 𝐈𝐌𝐀𝐆𝐈𝐍𝐄 that Songbird was instead called Flare.
Yay everyone is happy again, you have a network which is fully functional, you got your free tokens and you can interact with the various decentralised applications and earn from it.
Let us 𝐈𝐌𝐀𝐆𝐈𝐍𝐄 during this time, developers were observing the network, finding vulnerabilities and fixing them to improve stability / safety for the users.
Great, we have a better functioning / safer network for all!
What is the most important aspect of any Blockchain project?
The way it reaches consensus.
The way transactions are verified.
Solving the double spend problem can be done in many different ways, some better than others...
🧵[THREAD]
Proof-of-Work (PoW)
PoW is a decentralized consensus mechanism that requires members of a network to expend effort solving an arbitrary mathematical puzzle - AKA mining.
Proof-of-Stake (PoS)
The PoS concept states that a person can mine or validate block transactions according to how many coins they hold. This means that the more coins owned by a miner, the more mining power they have.