ETN POS vs. POW (Banking the unbanked)


#1

Electroneum’s main goal is to bank the unbanked. The current POW system introduced ASIC miners which has left the blockchain vulnerable to 51% attacks and centralized mining, reserving it mainly for the developers of the ASIC systems themselves. If Electroneum’s goal is to bank the unbanked, a POS system would encourage those who have coins to “HODL”. Just as a savings account earns interest, so to would your electroneum wallet. With the amount of users who use the mobile miner (120,000) I dont anticipate any problems with transaction times and blockchain delays. Not only would this decentralize the entire system, POS would encourage coin value growth as the coin itself would serve an additional function in the blockchain. POS rewards could be combined with the mobile miner in order to be compliant with the agreements made with mobile operators. POS would separate ETN from the majority of coins in the current ecosystem, escalating tech and jumping ahead of the times with the likes of ETH and EOS. In summary, if Electroneums true goal is to bank the unbanked, implementing POS and a reward based system would be a decentralized alternative to modern banking systems of the 21st century.


#2

I vote for PoW because PoS is not secure or proven. Let the instant payment system deal with the speed and PoW to handle the security and censorship resistance.


#3

I am not sure how POS would work when etn holds the private key to the wallets (apart from CLI). There was a massive scar about 51% attack during the gpu phase but this has gone since etn reverted back to asic which says something in itself. Furthermore, I am not sure if a 51% attack would have the same effect on etn than like Btc as again the private key issue.


#4

ASIC friendly algorithms in principle do encourage a slightly more focused miner population due to their price
and distribution… which in theory makes them more open to a single party gaining network hash control. However, in practice this is not the case at all. In fact our blockchain has never been less open to a 51% attack than it is now.

Electroneums goal is mass adoption. A coin that is used. When you are building an eco-system with a cryptocurrency at its core… its important to encourage both vendors and users to spend their coins…

Proof of Stake rewards people for holding their ETN…actually deterring people from spending them. Unfortunately that is the exact opposite of what the team are trying to achieve.


#5

I somehow favour POW


#6

Now we are user friendly to ASIC and I dont see there weakness - still is there a lot of different ASIC farms and pools:As we can see for now most driven by China pools but no one have monopol

And as you can see Bytecoins is too mined by ASIC and its TOP25 coin and there is monopol of one from the pool list and its something BAD? I dont see some big complains about this reality and weakness as you are saying to us:


Mining pools hashing power distribution