Twitter thread on Proof-of-Stake

Here’s a twitter thread entitled, “How to destroy a Proof-of-Stake network in 5 steps”, in case someone wants to engage him. He sounds constructive/genuine.

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Sounds reasonable. I can see this scenario unfolding for many of these new PoS networks.

Of course, Peercoin doesn’t move an inch down step 1, the Peercoin staking process has no intermediary. It is a good argument against cold minting, however, and is pretty much the reason why cold minting hasn’t been implemented.

Is there another way of implementing cold minting?

Alternatively, is there a way of adopting extra security similar to online banking, such as having a second password, etc.?

I reviewed those, Nuzzi’s comments were based on his assumptions. Most are wrong.

  1. in Pure P of Stake, it cost less energy and more reasonable to deploy the application.
  2. in one P of stake mainchain, it rewards coins and no relative with any yield. maybe Yield application is running on the mainchain
  3. in Peercoin or V, they use burn-transaction fee model to reduce inflation
  4. P of Work’s advantages are good, but P of Stake is much better
  5. for security, 51% attacking is one of the main bugs for P of W, for PoS, we think the risk is under controlled and low risk for the system. Of course, there is no perfect system in the world. Continuing evolving is a good solution
  6. any hybrid solution is a weak style and keep the main problems in the future, is not responsible for customers and applications
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That’s basically something like this old proposal: https://github.com/peercoin/peercoin/pull/78