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.
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.
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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.
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I somehow favour POW
Hi Mr.CryptoCZ.
Can you give me source information of ETN mining pool stat?
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Thank you ~!!!
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