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Proof-of-spacetime (PoSt)

Proof-of-spacetime (PoSt)

Proof-of-Spacetime (PoST) is a means of proving that a network participant has allocated available storage space to a network over a given time period to show financial interest in the network.

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Edits on 13 Dec 2018
Dawson Sewell
Dawson Sewell approved a suggestion from Golden's AI on 13 Dec 2018 5:15 pm
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The cryptocurrency project Filecoin uses a Proof-of-Spacetime consensus system. Two other startups are known to be developing PoST solutions, Chia Network and SpacemeshSpacemesh.

Edits on 5 Dec 2018
Jed Christiansen
Jed Christiansen approved a suggestion from Golden's AI on 5 Dec 2018 8:07 am
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For example, the cloud-storage service DropboxDropbox charges customers a monthly subscription price based on the amount of storage used in that set time period. Using 3TB of storage for 1 month will cost $10, while using 3TB for 2 months will cost $20. 

Jed Christiansen
Jed Christiansen approved a suggestion from Golden's AI on 5 Dec 2018 8:06 am
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The cryptocurrency project FilecoinFilecoin uses a Proof-of-Spacetime consensus system. Two other startups are known to be developing PoST solutions, Chia Network and Spacemesh.

Edits on 2 Dec 2018
Daniel Frumkin"Made readability improvements and small additions to article and added more companies working on PoST."
Daniel Frumkin edited on 2 Dec 2018 4:31 pm
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Article

Proof-of-spacetime (PoST) is a consensus algorithm that's closely related to proof-of-capacity (PoC), which is sometimes called proof-of-space or proof-of-storage.

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Proof-of-capacity is similar to proof-of-work, with the key difference being that in PoC storage capacity demonstrates financial investment in the network ratherin thanplace of computing power and the associated cost of electricity consumption in PoW. This makes proof-of-capacity potentially less impactful on the environment than proof-of-work.

...

For example, the cloud-storage service Dropbox charges customers a monthly subscription price based on the amount of storage used in that set time period. Using 3TB of storage for 1 month will cost $10, while using 3TB for 2 months will cost $20. 

...

ThisThe rational proof of financial interest in the network achieved by PoST addresses two problems with proof-of-capacity:

  1. Misaligned incentives - A rational participant in a PoC system will discard almost all stored data whenever computation costs less than the data storage does. This essentially turns PoC into a partial PoW system, which is potentially more resource-intensive. 
...

The cryptocurrency project Filecoin uses a Proof-of-Spacetime consensus system. Two other startups are known to be developing PoST solutions, Chia Network and Spacemesh.

Companies

Company
CEO
Location
Products/Services

Chia

Bram Cohen

San Francisco, USA

Chia Network









Further reading

Title
Author
Link
Type

Simplifying the Filecoin Whitepaper - Robert Greenfield IV - Medium

Robert Greenfield IV

NewsWeb

Related Topics

Daniel Frumkin"Wrote description, article, and added resources for further research and related topics"
Daniel Frumkin edited on 2 Dec 2018 3:28 pm
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Description (+194 characters)
Article (+2272 characters)
People (+2 rows) (+4 cells) (+33 characters)
Further reading (+2 rows) (+9 cells) (+272 characters)
Documentaries, videos and podcasts (+1 rows) (+3 cells) (+138 characters)
Companies (+3 rows) (+9 cells) (+95 characters)
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Topic thumbnail

Proof-of-spacetime (PoSt)

Proof-of-Spacetime (PoST) is a means of proving that a network participant has allocated available storage space to a network over a given time period to show financial interest in the network.

Article

Proof-of-spacetime is a consensus algorithm that's closely related to proof-of-capacity (PoC), which is sometimes called proof-of-space or proof-of-storage.



The idea of proof-of-capacity is to require network participants to demonstrate a financial interest in the success of the network by allocating some form of memory or disk space towards it. The proof can then be used to achieve decentralized consensus in a blockchain network or other decentralized protocol. Proof of financial interest in the network is necessary in a decentralized system in order to defend against sybil attacks.



Proof-of-capacity is similar to proof-of-work, with the key difference being that storage capacity demonstrates financial investment in the network rather than computing power and the associated cost of electricity consumption. This makes proof-of-capacity potentially less impactful on the environment than proof-of-work.

Difference Between Proof-of-Capacity and Proof-of-Spacetime

Proof-of-spacetime differs from proof-of-capacity in that PoST allows network participants to prove that they have spent a "spacetime" resource, meaning that they have allocated storage capacity to the network over a period of time. 



The creators of Proof-of-Spacetime, Tal Moran and Ilan Orlov, called this 'Rational' Proofs of Space-Time because the true cost of storage is proportional to the product of storage capacity and the time that it is used.



For example, the cloud-storage service Dropbox charges customers a monthly subscription price based on the amount of storage used. Using 3TB of storage for 1 month will cost $10, while using 3TB for 2 months will cost $20. 



This rational proof of financial interest in the network addresses two problems with proof-of-capacity:

  1. Arbitrary amortized cost - In a consensus system that doesn't account for time, participants can generate an arbitrary amount of PoC proofs by reusing the same storage space, lowering their true cost. 
  2. Misaligned incentives - A rational participant in a PoC system will discard almost all stored data whenever computation costs less than the data storage does. This essentially turns PoC into a PoW system, which is more resource-intensive. 



The cryptocurrency project Filecoin uses a Proof-of-Spacetime consensus system.

People

Name
Role
Related Golden topics

Ilan Orlov

Creator



Tal Moran

Creator



Companies

Company
CEO
Location
Products/Services

Juan Benet

San Francisco, USA

Filecoin

Spacemesh

N/A

Tel Aviv, Israel

Spacemesh protocol









Further reading

Title
Author
Link
Type

Filecoin: A Decentralized Storage Network

Protocol Labs

PDF

Rational Proofs of Space-Time

Tal Moran and Ilan Orlov

PDF

Simplifying the Filecoin Whitepaper - Robert Greenfield IV - Medium

Robert Greenfield IV

News

Documentaries, videos and podcasts

Title
Date
Link

Crypto Weekly (5/20) - Quantum computing, Blockchain Week bros, HoweyCoin and more!

May 20, 2018

Categories

Related Topics

Edits on 7 Aug 2018
Golden AI"Linkify text links in standard tables"
Golden AI edited on 7 Aug 2018 11:54 pm
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Further reading (+32/-32 characters)

Further reading

Title
Author
Link
Type

Filecoin: A Decentralized Storage Network

Protocol Labs



Edits on 23 Feb 2018
Michael Naval
Michael Naval edited on 23 Feb 2018 5:18 pm
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Further reading (+1 rows)

Further reading

Author
Title
Link

Protocol Labs

Filecoin: A Decentralized Storage Network

Edits on 23 Jan 2018
Alex Dean"Initial topic creation"
Alex Dean created this topic on 23 Jan 2018 12:36 am
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 Proof-of-spacetime (PoSt)

Proof-of-Spacetime (PoST) is a means of proving that a network participant has allocated available storage space to a network over a given time period to show financial interest in the network.

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