Re: NEM Official Thread - Redemption extended[Updates&Discussion]
My Internet connection is terrible so I've decided to use Mofowallet to send the NEMstake asset. Hope this works...
I feel like we've had this one before.
Short answer: Don't judge algorithms if you're not sure how exactly they work
Somewhat longer answer: People seem to assume that POI completely throws out POS which isn't true. It merely enhances POS and it does so in a way that does not jeopardize security. In fact how big the difference between POS and POI actually is we'll only see "in the wild". If you behave like a bagholder, don't transact or receive anything then POI will behave almost exactly like POS because those additional factors simply don't come into play (with the exception that you importance will decrease as others importance increases). However if you do transact and play an active role in the economy that will affect your harvesting power. How much ? That is what the real world has to show us.
Ofc I'm not the best person to answer as I'm not the mind behind POI but that should sum it up.
Like you, I've always felt that proof-of-importance is a variation of proof-of-stake but with added variables. In fact, PoI kind of reminds me of what Google tried to achieve in the late 90's with their PageRank algorithm:
To get to the top of the search results on pre-PageRank search engines like Altavista, the standard trick was to do what's known as "keyword stuffing" - putting every word, not just relevant ones, into the meta tags. The importance algorithm within PageRank soon rendered this trick obsolete and the placement of sites was once again determined by their importance. It was still possible to game the system, but doing so became significantly more difficult.
Of course, what separates an important website from an unimportant website is quite different from what separates an important account from an unimportant account but you get the idea.
What is your reaction to this post of CfB?
https://nxtforum.org/general-discussion/price-speculation/msg138611/#msg138611
Post #15169
https://nxtforum.org/general-discussion/price-speculation/msg138611/#msg138611
Post #15169
I feel like we've had this one before.
Short answer: Don't judge algorithms if you're not sure how exactly they work
Somewhat longer answer: People seem to assume that POI completely throws out POS which isn't true. It merely enhances POS and it does so in a way that does not jeopardize security. In fact how big the difference between POS and POI actually is we'll only see "in the wild". If you behave like a bagholder, don't transact or receive anything then POI will behave almost exactly like POS because those additional factors simply don't come into play (with the exception that you importance will decrease as others importance increases). However if you do transact and play an active role in the economy that will affect your harvesting power. How much ? That is what the real world has to show us.
Ofc I'm not the best person to answer as I'm not the mind behind POI but that should sum it up.
Like you, I've always felt that proof-of-importance is a variation of proof-of-stake but with added variables. In fact, PoI kind of reminds me of what Google tried to achieve in the late 90's with their PageRank algorithm:
Quote from: Wikipedia
PageRank is an algorithm used by Google Search to rank websites in their search engine results. PageRank was named after Larry Page, one of the founders of Google. PageRank is a way of measuring the importance of website pages. According to Google:
PageRank works by counting the number and quality of links to a page to determine a rough estimate of how important the website is. The underlying assumption is that more important websites are likely to receive more links from other websites.
PageRank works by counting the number and quality of links to a page to determine a rough estimate of how important the website is. The underlying assumption is that more important websites are likely to receive more links from other websites.
To get to the top of the search results on pre-PageRank search engines like Altavista, the standard trick was to do what's known as "keyword stuffing" - putting every word, not just relevant ones, into the meta tags. The importance algorithm within PageRank soon rendered this trick obsolete and the placement of sites was once again determined by their importance. It was still possible to game the system, but doing so became significantly more difficult.
Of course, what separates an important website from an unimportant website is quite different from what separates an important account from an unimportant account but you get the idea.
That was a very good explanation. I really like how you said that.
Let me add a bit. To me Bitcoin and NXT (and basically most others) are all about how much. With PoW it is about how much you can waste. All those hashes in PoW are like a blind kid walking around a football field swinging wildly at a pinata. It is about how many pointless swings that kid can make until he smacks the goal.
With NXT it is certainly better because now it is not so much waste, but it is still about "how much". It is about how much you can buy (or swindle) and then hoard it.
So both of these are about how much and neither of those "how muches" really actually help the actually system.
But with NEM PoI it is about how well. We are measuring performances and quality, not quantity. Anytime you get a system that is based on quality, then that system design will lead it to optimization, but when you have a system focused on only high numbers, many sacrifices are made and the system as a whole becomes unbalanced.
To sum it up. Everyone else is about how much you can do. NEM is about how well you can do it. NEM is like fine wine. :-)