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Author Topic: MEDIUM ARTICLE 03/07/2019 “Proof of Transaction” favours more miners  (Read 22 times)

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Offline zityx23

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“Proof of Transaction” favours more miners than any other consensus

n a blockchain consensus design, the permission-less participation of miners, or verifiers, is a key quality of the decentralization. Like doing anything, there is an entry barrier to become miners. In “proof of work”, one has to buy equipments to compete on hashing power. This normally causes exponential growth on the cost of the mining. We have seen this happenning in real. In “proof of stake”, one has to be owning a meaningful amount of coins to compete. If you are poor in coins, you can not be a verifier or miner.


“Proof of Transactions” provides a whole new permission-less gateway for people to become miners and allow each wallet to mine as full node. As long as you has made transactions in the history and your address holding coins more than average historical block transaction fee, that is normally very low, you are allowed to be miner. The reason for holding minimum address balances is to prevent malicious sybil attack and massive private key release.

This design allows as many as technically possible for people able to become miners and create incentive to work as a full node to facilitate transactions all over the world, when network connection is avaible and owning a smart phone.

I would argue all current blockchain consensuses are heading to less and less miners. This is not a good trend for a decentralization currency revolution. Proof of transactions offers a hope to allow everyone be able to mine disregard your hardware power or coins holding amount. TAUcoin as first implementation of “proof of transaction” has recruited 200,000 users. By design they are all be able to mine at full node capacity.

-iMorpheus-

https://medium.com/@davidwu_30530/proof-of-transaction-favours-more-miners-than-any-other-consensus-2d4c49b034c6

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