The #EthereumMerge made everyone an expert on the subject of the different consensus mechanisms.π
But the discussion revolves more around proof of work (#PoS) and proof of stake (#PoW).π
Shining light on others like proof of burn (#PoB) and proof of activity (#PoA):β‘
But the discussion revolves more around proof of work (#PoS) and proof of stake (#PoW).π
Shining light on others like proof of burn (#PoB) and proof of activity (#PoA):β‘
A consensus mechanism is the set of rules under which the #blockchain operates.β¨
These rules dictate who gets to mine new crypto and the conditions for it.π
1. Proof of activity (#PoA):πΈ
These rules dictate who gets to mine new crypto and the conditions for it.π
1. Proof of activity (#PoA):πΈ
https://twitter.com/EspersCoin/status/1325391547916029952?s=20&t=xmcYJ7Vrg1IvsiEgBUdkWw
Proof of activity is the hybrid of #PoW and #PoS.π°
This consensus mechanism is used by @EspersCoin and @decredproject.
In #PoA, the first step is mining the blockchain in a traditional PoW way.π
This consensus mechanism is used by @EspersCoin and @decredproject.
In #PoA, the first step is mining the blockchain in a traditional PoW way.π
After the block is mined, the #crypto availed from the process is put up for staking, where the #PoS part begins.π
Random #validators sign the hash, and the #block is distributed among the different validators.π
Random #validators sign the hash, and the #block is distributed among the different validators.π
https://twitter.com/decredproject/status/1485643861342965767?s=20&t=xmcYJ7Vrg1IvsiEgBUdkWw
However, #PoA isn't safe from criticism.π
The biggest criticism is that the consensus mechanism takes too much #energy and favours validators who have staked more.β‘
The biggest criticism is that the consensus mechanism takes too much #energy and favours validators who have staked more.β‘
2. Then, there is proof of burn (#PoB):π₯
In PoB, the miners burn their #tokens away to earn mine new #blocks.
The burnt tokens are sent on their one-way journey to an 'eater address' that makes them inaccessible.πΈ
In PoB, the miners burn their #tokens away to earn mine new #blocks.
The burnt tokens are sent on their one-way journey to an 'eater address' that makes them inaccessible.πΈ
https://twitter.com/CounterpartyXCP/status/1565440474021695488?s=20&t=xmcYJ7Vrg1IvsiEgBUdkWw
The #PoB consensus mechanism incentivizes holders to earn long-term profits by suffering minor losses in the short term.π
@CounterpartyXCP and @factom use the proof of burn consensus mechanism for their blockchains.β¨
@CounterpartyXCP and @factom use the proof of burn consensus mechanism for their blockchains.β¨
Buring #coins under PoB also keeps inflation in check by burning existing #crypto.π
#PoB doesn't exist without its own share of problems.
The major criticism of PoB is that it involves wasting #resources due to unnecessary complexity.π°
#PoB doesn't exist without its own share of problems.
The major criticism of PoB is that it involves wasting #resources due to unnecessary complexity.π°
https://twitter.com/factom/status/1571224642152534023?s=20&t=xmcYJ7Vrg1IvsiEgBUdkWw
3. Proof of Capacity (#PoC):π
PoC allows the average user to 'mine' on the #blockchain without extensive #mining hardware.πͺ
In PoC, miners generate a list of all the possible hashes in a process called 'plotting'.
PoC allows the average user to 'mine' on the #blockchain without extensive #mining hardware.πͺ
In PoC, miners generate a list of all the possible hashes in a process called 'plotting'.
After the plotting is finished, the #blocks are generated based on the amount of space/capacity you have in your device.π
The more space your #computer has, the more hash solutions you can generate.β¨
And more hashes mean better chances to win the #crypto block!π
The more space your #computer has, the more hash solutions you can generate.β¨
And more hashes mean better chances to win the #crypto block!π
https://twitter.com/chia_project/status/1572313428945149954
#Blockchains like @signum_official and @chia_project use the #PoC consensus mechanism.π
https://twitter.com/signum_official/status/1571428231751819266?s=20&t=xmcYJ7Vrg1IvsiEgBUdkWw
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