Post
Topic
Board Altcoin Discussion
Re: Cleanup: I'll attack some coins - I owned APEXcoin for 90 blocks
by
achimsmile
on 18/01/2015, 14:33:40 UTC
Haven't read all the posts so it may be mentioned before. Current PoS implementations use some sort of wallet weight as a way to handle competitions for blocks. Wallet weight is basically the amount of coins in the wallet. So if I have a big wallet with very small coin blocks (i.e. I transfer the coins in thousands of small transactions), I have the chance of staking a lot of new blocks continuously with the full weight of my wallet each time. That's the problem.

I have 1% of all stake in 1 wallet. My chance to generate a block is 1%
I have 1% of all stake in 1000 wallets. My chance to generate a block is 1%

I see no problem here. (Nxt)

edit: I guess what you meant is:
I have 1% of all stake in my wallet, and I transferred it there in 1000 small transactions.
I still don't see a problem for PoS.

Yes.

Your chance of generating a block is 1%, next block again 1%, next again 1%. That's a problem. The high weight of your whole coins are used for each individual small stake, increasing your chance every single time which makes you a lot more likely to find consecutive blocks at zero cost.

Ideally your chance shouldn't be 1%, the secure way is 0.001% since you transferred the money in 1000 small transactions. You should either have a big block of coins (1 big transaction), so you have a 1% chance ONCE, or you have 1000 small blocks, so you will have 1000 chances of 0.001%. You should not have a 1% chance, 1000 times.

Sorry, I don't get what you mean.
1000 x 0.001% = 1 x 1%
In PoS your stake matters, not your amount of transactions.