Just sharing it. Still trying to understand it
This is brilliant stuff. Good timing of post OP, as I was just looking for some information to better understand and solve the PoS 51% fork issue with Peercoin.
Vital still likes the elegance of PPC’s proof-of-stake model even if he has been working on other innovations which don’t necessarily exclude that (ethereum).
He basically proposes a way to solve the fork issue as I understand. Proof-of-past-Stake 8)
Hope Sunny is also reading this or better is already aware of this and working to implement it.
Understanding this is one, actually implementing those concepts is another league!
Specifically about Ethereum, it sounds good to me from all that I’ve read on it so far.
In my opinion by the time it is fully tested, critiqued, deployed, accepted, and traded actively in the market is still something 2015 - 2016ish.
I know they have some code ready and it is being tested. But until everyone understands it, and is using it, it’s going to be awhile.
There are people just today, learning what Peercoin is, and it’s been around now, for how long?
I also had hoped they had a migratory plan with existing coins to make use of their network. In order to get greater participation, if the main coins (BTC, LTC, PPC) already were migrating their next major release to make use of Ethereum, then naturally people would upgrade the next version of their wallets and be using the Ethereum network without even realizing it.
But it appears Ethereum at this stage has the idea that their network will be so great and capable, that coin developers will make use of it without them having to encourage it as part of their launch phase. This business model will delay the acceptance of it and confuse the enduser holding existing value in coins.
At this point, it sounds like a “proof-of-concept”, with an initial beta roll out. Will be some time to iron out the bugs, policies, educate people on how it works… Allow coins, exchanges to decide if it is worth persuing, etc, etc.
I mean after all, shouldn’t you have a backward compatible or migration path as part of your deployment plan for existing cryptocurrency, even just the main coins?
No? Then that’s one massive barrier to acceptance right off the bat.
It looks interesting except the IPO bs part. PPC relies on PoW to seed the stake, and it had always been cheap to buy for year and a half until recently so the coin distribution is pretty fair before PoS kicks in.