A Bitcoiner's Guide to Proof of Stakescottmsul.substack.com/p/a-bitcoiners-guide-to-proof-of-stake
357 sats \ 5 comments \ @scottmsul 29 Aug 2022 bitcoin
write
preview
related posts
0 sats \ 0 replies \ @cryptocoin 26 Sep 2022
This newsletter issue ended up being published by Bitcoin Magazine:
A Bitcoiner’s Guide To Proof-Of-Stake #73913 https://bitcoinmagazine.com/technical/bitcoiners-guide-to-proof-of-stake
reply
0 sats \ 1 reply \ @cryptocoin 14 Sep 2022
In this process we uncovered five principles of PoS:
  1. PoS uses a negative (penalty-based) incentive structure.
  2. PoS is a permissioned system.
  3. PoS has no rules.
  4. PoS relies on subjective truth.
  5. In PoS, Money is Power.
Each of these principles has opposite behavior in PoW:
  1. PoW uses a positive (reward-based) incentive system.
  2. PoW is a permissionless system (anyone can start or stop mining at any time).
  3. In PoW, forks which change the rules get ignored.
  4. PoW relies on objective truth.
  5. In PoW, miners serve the users, and have little power themselves.
This was shared in another post, found here on SN:
TLDR on why it's essential for the future money of the world to be Proof-of-Work #70089 https://twitter.com/gladstein/status/1570150601149026304 [Nitter]
reply
0 sats \ 0 replies \ @TommyAllArk_io 14 Sep 2022 outlawed
stackers have outlawed this. turn on wild west mode in your /settings to see outlawed content.
20 sats \ 1 reply \ @k00b 29 Aug 2022
The negative (penalty) incentive mechanism was most interesting to me. As most of us know, Lightning's current incentive mechanism is negative, which most of us thinks sucks, incurs a bunch of overhead, and tends to lead to getting "slashed" for accidentally misbehaving.
Negative incentive mechanisms in practice appear relatively stateful and dependent on how you counter party receives your behavior.
reply
120 sats \ 0 replies \ @scottmsul OP 29 Aug 2022
Yeah, I think the thing which I don't like about negative incentives (even in lightning) is just the possibility of losing money even by accident or due to a bug. I'm pretty open to the idea of anyprevout/eltoo which makes a force close always go to the most recent state.
reply