Discovery "Should TRC move towards more PoS and less PoW?" (active)Back
|Title:||Should TRC move towards more PoS and less PoW?|
|Proposal link:||Not Linked|
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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