Return-Path: Received: from smtp1.osuosl.org (smtp1.osuosl.org [IPv6:2605:bc80:3010::138]) by lists.linuxfoundation.org (Postfix) with ESMTP id CD848C0001 for ; Sat, 8 May 2021 10:21:08 +0000 (UTC) Received: from localhost (localhost [127.0.0.1]) by smtp1.osuosl.org (Postfix) with ESMTP id B4DB9843A0 for ; Sat, 8 May 2021 10:21:08 +0000 (UTC) X-Virus-Scanned: amavisd-new at osuosl.org X-Spam-Flag: NO X-Spam-Score: 0.601 X-Spam-Level: X-Spam-Status: No, score=0.601 tagged_above=-999 required=5 tests=[BAYES_50=0.8, DKIM_SIGNED=0.1, DKIM_VALID=-0.1, DKIM_VALID_AU=-0.1, DKIM_VALID_EF=-0.1, HTML_MESSAGE=0.001, RCVD_IN_MSPIKE_H3=0.001, RCVD_IN_MSPIKE_WL=0.001, SPF_HELO_PASS=-0.001, SPF_PASS=-0.001] autolearn=ham autolearn_force=no Authentication-Results: smtp1.osuosl.org (amavisd-new); dkim=pass (2048-bit key) header.d=tutanota.de Received: from smtp1.osuosl.org ([127.0.0.1]) by localhost (smtp1.osuosl.org [127.0.0.1]) (amavisd-new, port 10024) with ESMTP id fDzifnIUehIT for ; Sat, 8 May 2021 10:21:07 +0000 (UTC) X-Greylist: from auto-whitelisted by SQLgrey-1.8.0 Received: from w1.tutanota.de (w1.tutanota.de [81.3.6.162]) by smtp1.osuosl.org (Postfix) with ESMTPS id 5955383F15 for ; Sat, 8 May 2021 10:21:07 +0000 (UTC) Received: from w3.tutanota.de (unknown [192.168.1.164]) by w1.tutanota.de (Postfix) with ESMTP id 2D098FA0325; Sat, 8 May 2021 10:21:04 +0000 (UTC) DKIM-Signature: v=1; a=rsa-sha256; q=dns/txt; c=relaxed/relaxed; t=1620469264; s=s1; d=tutanota.de; h=From:From:To:To:Subject:Subject:Content-Description:Content-ID:Content-Type:Content-Type:Content-Transfer-Encoding:Cc:Cc:Date:Date:In-Reply-To:MIME-Version:MIME-Version:Message-ID:Message-ID:Reply-To:References:Sender; bh=c1X7fDqm8a0jV4uoaoyC+0Z+h7fTNg5Ev+agrQVfnlo=; b=JsJVoK778yCnDkiAvlzgNYF+bs+QiJq6oRYvmTPvDzjJAxtFGA2xkAYxrDQ6bF5+ BpO9t3PDc8k63xiuGNfloeSJ7U+TOWG5J3x0iVyoIgSVWu94oedtql5LfebHOqhIJE0 g5N8lVtwByBJRM109YRl8amnsAL4WmhzsYzeuRjOulMcAfzbZXhvE1jNJeAwkUisZmD /3Q0ZCsJ913Px0s29lvZ9mw/R0ZOfNO2QZAtBLYdz9npGBRJQyYihlw95iwUGP0o2t0 YU0U9UnhMLs2XvYvnctZTnhhnXbJGcwIc/lRZLKaLotlHCr8g9Luk3emUobkKnNGkeC o/B66Uzx7g== Date: Sat, 8 May 2021 12:21:04 +0200 (CEST) From: Prayank To: satoshisingh@protonmail.com Message-ID: MIME-Version: 1.0 Content-Type: multipart/alternative; boundary="----=_Part_96836_271819063.1620469264174" X-Mailman-Approved-At: Sat, 08 May 2021 12:20:53 +0000 Cc: Bitcoin Dev Subject: Re: [bitcoin-dev] Opinion on proof of stake in future X-BeenThere: bitcoin-dev@lists.linuxfoundation.org X-Mailman-Version: 2.1.15 Precedence: list List-Id: Bitcoin Protocol Discussion List-Unsubscribe: , List-Archive: List-Post: List-Help: List-Subscribe: , X-List-Received-Date: Sat, 08 May 2021 10:21:08 -0000 ------=_Part_96836_271819063.1620469264174 Content-Type: text/plain; charset=UTF-8 Content-Transfer-Encoding: quoted-printable My opinion: 1.I don't consider PoS to be a better consensus mechanism compared to PoW u= sed in Bitcoin. So any proposal related to PoS in Bitcoin is not an improve= ment for me. =C2=A0 2.Bitcoin is a protocol for decentralized network that creates consensus wi= thout needing a central authority to provide trust. Bitcoin with PoS will b= e a protocol for a network that creates consensus based on bitcoin holdings= . 3.Experiments with PoS can work in trust minimized applications that use Bi= tcoin or LN or Bitcoin sidechains. However, PoW works better for base layer= or Bitcoin protocol. 4.Bitcoin protocol should not be changed based on mainstream media articles= , new buzzwords or trends, altcoins, governments etc.=C2=A0 5.Everything involves trade-offs. Not everything needs to be online. Not ev= erything needs to be on a chain of blocks. There are things that you would = prefer to save in a spreadsheet offline or write on a paper. Similarly PoS = is not the best consensus mechanism for a 'decentralized network' but it ma= y work for projects(not decentralized) that want to use Bitcoin for few thi= ngs. 6.Most of the Bitcoin users and devs consider PoW used in Bitcoin as the be= st consensus mechanism. Few people experimenting with PoS will result in an= other altcoin with nothing much to contribute in improving Bitcoin. I think= there are better things to focus on and one of them is privacy. Few things related to Bitcoin mining that I consider improvements: -Stratum v2 -More countries started mining bitcoin recently -Recycling ASIC heat:=C2=A0https://braiins.com/blog/green-innovation-in-bit= coin-mining-recycling-asic-heat I would love to see people in India researching about creating better ASICs= and more involved in Bitcoin mining.=C2=A0 Related links: https://bitcoin.stackexchange.com/questions/95356/why-doesnt-bitcoin-migrat= e-to-proof-of-stake https://download.wpsoftware.net/bitcoin/asic-faq.pdf=C2=A0(Andrew Poelstra) https://medium.com/@dsl_uiuc/fake-stake-attacks-on-chain-based-proof-of-sta= ke-cryptocurrencies-b8b05723f806 --=20 Prayank ------=_Part_96836_271819063.1620469264174 Content-Type: text/html; charset=UTF-8 Content-Transfer-Encoding: quoted-printable
My opinion:

1.I don't consider PoS to be = a better consensus mechanism compared to PoW used in Bitcoin. So any propos= al related to PoS in Bitcoin is not an improvement for me.
&n= bsp;
2.Bitcoin is a protocol for decentralized network that c= reates consensus without needing a central authority to provide trust. Bitc= oin with PoS will be a protocol for a network that creates consensus based = on bitcoin holdings.

3.Experiments with PoS ca= n work in trust minimized applications that use Bitcoin or LN or Bitcoin si= dechains. However, PoW works better for base layer or Bitcoin protocol.
=

4.Bitcoin protocol should not be changed based on= mainstream media articles, new buzzwords or trends, altcoins, governments = etc. 

5.Everything involves trade-offs. N= ot everything needs to be online. Not everything needs to be on a chain of = blocks. There are things that you would prefer to save in a spreadsheet off= line or write on a paper. Similarly PoS is not the best consensus mechanism= for a 'decentralized network' but it may work for projects(not decentraliz= ed) that want to use Bitcoin for few things.

6= .Most of the Bitcoin users and devs consider PoW used in Bitcoin as the bes= t consensus mechanism. Few people experimenting with PoS will result in ano= ther altcoin with nothing much to contribute in improving Bitcoin. I think = there are better things to focus on and one of them is privacy.

Few things related to Bitcoin mining that I consider impr= ovements:

-Stratum v2
-More coun= tries started mining bitcoin recently

I would love to see people in India researchi= ng about creating better ASICs and more involved in Bitcoin mining. 

Related links:





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Prayank
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