Post
Topic
Board Press
Re: [2014-09-18] Bitcoin Core Developer Jeff Garzik Believes NXT is a “Scamcoin”
by
arnuschky
on 25/09/2014, 14:39:15 UTC
Phrased my question wrong, sorry.
If NXT is not using PoW, do they use PoS or something else?

PoS.
https://bitcointalk.org/index.php?topic=787100.msg8928459#msg8928459

Thanks. I just looked it up as well. PoS, so they fail:

Quote
It is not well-advertised, but in fact there has never been an example of a cryptocur-
rency achieving distributed consensus by proof-of-stake. The prototypical proof-of-stake currency,
Peercoin, depends on developer signatures to determine block validity: that is, its consensus is not
distributed. The same fate has befallen other nominally-PoS currencies such as Blackcoin.
From https://download.wpsoftware.net/bitcoin/alts.pdf

It even mentions NXT:
Quote
In its initial incarnation, NXT was susceptible to a trivial stake-grinding attack (to be described below)
and could not achieve any consensus. Since becoming closed-source while spamming technically-
illiterate claims at popular conferences, it has fallen out of scope of this document.