Re: BYTEBALL: Totally new consensus algorithm + private untraceable payments
Although it is not in the spirit of crypto. Perhaps regarding the way forward just in the short term. The distribution could be done a bit like this.
Those perhaps locking down the most BB for the longest periods would receive the greatest % rewards which were tiered. Sort of like a tiered pos scheme.
Most people think it is a crazy idea but I wonder what a public appeal to those ico managers that claimed huge amounts for free at the start to return just 50% of the bytes to be used in such a tiered POS scheme would achieve?
PR is quite important and those ico managers that have not already distributed the BB to their investors might like to show how fair they can be. Of course a polite request not to partake in our new pos scheme and suck them all back would be cool
Just ideas, may be technically impossible or just logically unsound.
Those perhaps locking down the most BB for the longest periods would receive the greatest % rewards which were tiered. Sort of like a tiered pos scheme.
Most people think it is a crazy idea but I wonder what a public appeal to those ico managers that claimed huge amounts for free at the start to return just 50% of the bytes to be used in such a tiered POS scheme would achieve?
PR is quite important and those ico managers that have not already distributed the BB to their investors might like to show how fair they can be. Of course a polite request not to partake in our new pos scheme and suck them all back would be cool
Just ideas, may be technically impossible or just logically unsound.
Locking down someones address in crypto world is worse than changing the distribution. If that fork would happen then the price would go below $1 for sure.
PoW has the economy of scale, where the weaker players are darwinized, and the hash power gets concentrated in the hands of a few bigger miners.
PoS has the nothing in stake problem, where the validator has no downside for staking both forks.
https://ethereum.stackexchange.com/a/31476
Both of them are pseudo-anonymous, so you don't know who is the biggest. It can be that instead of 5 biggest, there is actually 2 biggest. This is especially bad for PoS because you don't even have to risk with real world cost (expensive mining rigs). This makes them vulnerable for Sybil attack. Solution for Sybil attack is non-anonymity or PoW.
Instead of PoW, Byteball has chosen non-anonymity for witnesses, who doesn't have the same powers as PoW miners too. They just make sure of the order of transactions, so there would not be double-spend. This means that until over half of the 12 witnesses don't collude, there can't be double-spends or transaction censoring. It doesn't matter who you are or how much transactions fee you pay, your transactions will be confirmed and final.
As you can see, all of them have their own pros and cons, depending what you think is important.
What does changing the consensus model now solve? What is the issue that is currently valid that it needs to be solved with tiered PoS right now? Keep the whales from dumping? Every coin has whales.
It is funny that everybody bitches about distribution change and how all the trust was immediately lost with that change, yet everybody also sees that there is something else that is fundamental to this coin, that should also be changed. How is that not gonna make it even more unstable?
There is simple process for fundamental changes, you just fork it and make your own coin, or you pick another coin to support. It's like a train, if you like where it is going then you get on it, if you don't then you get off and pick another train.