Discovery "Should TRC move towards more PoS and less PoW?" (active)Back

Title: Should TRC move towards more PoS and less PoW?
Owner: Buffer01
Created: 2018-08-29
Proposal link: Not Linked

Description

We had this talk many times during the past year with suggestions coming from multiple community members.

The following is how I see it right now - I might get something wrong so feel free to contribute on anything from correctness to  pros/cons and  solutions.

"PoW" in short

The evolution of the blockchain is tightly linked to mining in the form of Prof of Work with competing amount of raw hash power.

PoW ensures a high level of securing that it is difficult to take over the control of a network because of the expense of majority hash power. At the same time PoW ensures enough randomness of the block winner so that none knows in advance who will win - and thus none can target /attack that individual to ensure he can't win.

TRC is a merged mined coin - meaning the mining of TRC is mined together with other coins and effectively making it a  bi-product to some miners. Miners who do not care about TRC and are willing to dump it at random prices at random exchanges. The benefit of merge mining, however, is that TRC can maintain a high network hash compared to its community size.

PoW is often targeted in media for being resource intensive and for spending more electricity than countries like Holland or Denmark.

"PoS" in short

With the upcoming of Masternodes and the idea of splitting the block rewards into a PoW reward and a Stake reward the talk about having Masternodes control the full mining in the network has emerged.

This has some advantages like utilizing a lower amount of resource and ensuring that the people controlling the network actually has a stake in the network and actively want to grow the coin and the community.

Also, this could lead to higher rewards for owning Masternodes and perhaps also higher government budgets.

The main downsides of PoS in form of Masternodes is

1. The MN network is by now smaller than the merged mined PoW network and all nodes are always visible and by that more fragile.

2. The MN network work by consensus making it visible to everyone who is likely to win the right to mine the block - and by then visible who should be targeted to halt the network.

3. Masternodes would mine with a much lower difficulty than a PoW network - so the consensus algo would need to be pretty strong to avoid random forks.

The scope of this thread is for clarifying the pros and cons of PoW and PoS and eventually finding solutions to the cons of PoS .

 

 

 

 

 

 


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Discussion

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0 points, ~10 months ago
I think the PoW vs PoS discussion is a very interesting one. Recently, BTC.TOP started merge mining TRC again, so now the total hashrate of the TRC network is above 5000 PH/s once more. I think that a great addition to PoW would be supporting other algorithms.

How awesome would it be if TRC could be mined in combination with any coin? While PoW costs a lot of power, I don't think TRC is the kind of coin that should be mined as a standalone coin. It should be mined in combination with other coins, you'd just get TRC as a bonus, while you're mining another coin. Of course, one could say that TRC would be dumped on the market, but, the amount of TRC an individual receives at these hashrates is so minimal, that I think that a lot of different people have a little TRC. Rather than a few people, having a lot of TRC.

The downside to only going to a PoS network would be that it would literally change the way the coin was designed. It was created as a PoW coin with block times of 2 minutes, and if that were to be changed, what would be left of the original TRC, the way it was designed almost 6 years ago?

Basically, my point is, TRC is the kind of coin that is mined as an extra, basically for free. People won't just put their miners on TRC alone, that'd just generate losses right now. I think it would be beneficial for TRC to make it even more accessible to mine by implementing software that would make it possible to mine TRC with any/more algorithm(s). This would secure the network even further I think, and make TRC even more accessible. Plus if you can just mine it as an extra, why wouldn't you?
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0 points, ~10 months ago
PoS downside #2 - Instead of winning the "right to mine" it would be better to vote among already proposed solutions to the next block so that the winner does not need to be on the network of the time of voting.

Pos downside #3 - I think this is heighly debatable
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