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Proof-of-stake

Proof-of-stake

Proof-of-stake (PoS) is a system by which a network (e.g., a cryptocurrency blockchain) aims to achieve distributed consensus.

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Edits on 17 Dec 2018
Daniel Frumkin"Added link to nothing-at-stake problem"
Daniel Frumkin edited on 17 Dec 2018 4:07 pm
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Article

The first example of a blockchain utilizing a PoS system was Peercoin, proposed by Sunny King and Scott Nadal in 2012. Other early PoS blockchains include Blackcoin and NXT.

...

Naive proof of stake algorithms suffer from the nothing at stake problemnothing at stake problem. The nothing at stake problem is characterized by the incentive for network participants to contribute blocks to every potential blockchain fork to ensure they receive a block reward on the winning chain.

Edits on 7 Aug 2018
Golden AI"Linkify text links in standard tables"
Golden AI edited on 7 Aug 2018 7:45 pm
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Further reading (+689/-689 characters)
Documentaries, videos and podcasts (+43/-43 characters)

Further reading

Author
Title
Link
Type

Aggelos Kiayias, Alexander Russell, Bernardo David, Roman Oliynykov

Ouroboros: A Provably Secure Proof-of-Stake Blockchain Protocol

Academic paper

Aggelos Kiayias,Ioannis Konstantinou, Alexander Russell, Bernardo David, Roman Oliynykov

A Provably Secure Proof-of-Stake Blockchain Protocol

Academic paper

Amy Castor

A (Short) Guide to Blockchain Consensus Protocols



BitFury Group

Proof of Stake versus Proof of Work



Chris Hammerschmidt

Consensus in Blockchain Systems. In Short.



Doug Petkanics

Inflation and participation in stake based token protocols



Iddo Bentov, Ariel GabizonAlex Mizrahi

Cryptocurrencies Without Proof of Work

Academic paper

Multiple

Proof of Stake



Vitalik Buterin

Proof of Stake FAQ



Vitalik Buterin

A proof of stake design philosophy



Documentaries, videos and podcasts

Title
Date
Link

Formal Barriers to Proof-of-Stake Protocols - BPASE '18

Jan 30, 2018

Edits on 31 Jul 2018
Jude Gomila
Jude Gomila edited on 31 Jul 2018 9:44 am
Edits made to:
Article (+6/-6 characters)

Article

A number of blockchains have transitioned, or are in plans to transition from PoW to PoS. Ethereum for example plans on moving from a proof of work protocol using EthashEthash to a proof of stake consensus protocol utilizing Casper.

Edits on 23 Jul 2018
Jude Gomila
Jude Gomila edited on 23 Jul 2018 4:33 am
Edits made to:
Article (+8/-8 characters)

Article

A number of blockchains have transitioned, or are in plans to transition from PoW to PoS. EthereumEthereum for example plans on moving from a proof of work protocol using Ethash to a proof of stake consensus protocol utilizing Casper.

Edits on 18 Jul 2018
Jude Gomila
Jude Gomila edited on 18 Jul 2018 1:08 am
Edits made to:
Article (+3/-3 characters)

Article

The first example of a blockchain utilizing a PoS system was Peercoin, proposed by Sunny King and Scott Nadal in 2012. Other early PoS blockchains include Blackcoin and NXTNXT.

Edits on 5 Jun 2018
Golden AI"Corrections"
Golden AI edited on 5 Jun 2018 11:29 pm
Edits made to:
Further reading (+15/-15 characters)

Further reading

Author
Title
Link
Type

Aggelos Kiayias, Alexander Russell, Bernardo David, Roman Oliynykov

Ouroboros: A Provably Secure Proof-of-Stake Blockchain Protocol

Academic Paperpaper

Aggelos Kiayias,Ioannis Konstantinou, Alexander Russell, Bernardo David, Roman Oliynykov

A Provably Secure Proof-of-Stake Blockchain Protocol

Academic Paperpaper

Iddo Bentov, Ariel GabizonAlex Mizrahi

Cryptocurrencies Without Proof of Work

Academic Paperpaper

Edits on 1 Jun 2018
Golden AI"Merging standard tables"
Golden AI edited on 1 Jun 2018 3:09 am
Edits made to:
Academic papers (-3 rows) (-9 cells) (-533 characters)
Further reading (+3 rows) (+12 cells) (+575 characters)

Academic papers

Author
Title
Link

Aggelos Kiayias, Alexander Russell, Bernardo David, Roman Oliynykov

Ouroboros: A Provably Secure Proof-of-Stake Blockchain Protocol

Aggelos Kiayias,Ioannis Konstantinou, Alexander Russell, Bernardo David, Roman Oliynykov

A Provably Secure Proof-of-Stake Blockchain Protocol

Iddo Bentov, Ariel GabizonAlex Mizrahi

Cryptocurrencies Without Proof of Work

Further reading

Author
Title
Link
Type

Aggelos Kiayias, Alexander Russell, Bernardo David, Roman Oliynykov

Ouroboros: A Provably Secure Proof-of-Stake Blockchain Protocol

Academic Paper

Aggelos Kiayias,Ioannis Konstantinou, Alexander Russell, Bernardo David, Roman Oliynykov

A Provably Secure Proof-of-Stake Blockchain Protocol

Academic Paper

Iddo Bentov, Ariel GabizonAlex Mizrahi

Cryptocurrencies Without Proof of Work

Academic Paper

Edits on 4 Apr 2018
Alex Dean
Alex Dean edited on 4 Apr 2018 6:10 pm
Edits made to:
Article (+1046/-336 characters)
Related Topics (+1 topics)

Article

Proof of stake(PoS) is a type of blockchain consensus algorithm that relies on participants having an economic stake in the success of the network. Unlike proof-of-work (PoW) based systems/algorithms where the algorithm rewards participants who solve computationally expensive puzzles in order to validate transactions and create new blocks (i.e. mining), in PoS-basedPoS the creator of the next ledger update (eg a blockchain block) is chosen in a deterministic and pseudo-random way where the probability that an account is chosen depends on the accounts stake in the system the creator of the next ledger update (eg a blockchain block) is chosen in a deterministic and pseudo-random way where the probability that an account is chosen depends on the accounts stake in theits wealth in a system (eg its wealth in a system).

...

Proof of stake has been contrasted to proof of work as virtual mining, simplified with the phrase "One coin, one vote" as compared to proof of work's "one cpu, one vote".

...

The first example of a PoS system was Peercoin.

The first example of a blockchain utilizing a PoS system was Peercoin, proposed by Sunny King and Scott Nadal in 2012. Other early PoS blockchains include Blackcoin and NXT.

Nothing at stake problem

Naive proof of stake algorithms suffer from the nothing at stake problem. The nothing at stake problem is characterized by the incentive for network participants to contribute blocks to every potential blockchain fork to ensure they receive a block reward on the winning chain.

Transition from PoW

A number of blockchains have transitioned, or are in plans to transition from PoW to PoS. Ethereum for example plans on moving from a proof of work protocol using Ethash to a proof of stake consensus protocol utilizing Casper.

...

The security and scalability propertiessecurity and scalability properties of proof of stake mechanisms as compared to proof of work mechanisms continue to be debatedcontinue to be debated in the blockchain community.

Related Topics

Edits on 12 Mar 2018
Alex Dean
Alex Dean edited on 12 Mar 2018 9:31 pm
Edits made to:
Further reading (+2 rows) (+6 cells) (+304 characters)

Further reading

Author
Title
Link

Doug Petkanics

Inflation and participation in stake based token protocols

Vitalik Buterin

A proof of stake design philosophy

Edits on 23 Feb 2018
Michael Naval
Michael Naval edited on 23 Feb 2018 4:38 pm
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Academic papers (-1 rows) (-3 cells) (-119 characters)
Further reading (+1 rows) (+3 cells) (+119 characters)

Academic papers

Author
Title
Link

BitFury Group

Proof of Stake versus Proof of Work

Further reading

Author
Title
Link

BitFury Group

Proof of Stake versus Proof of Work

Michael Naval
Michael Naval edited on 23 Feb 2018 4:37 pm
Edits made to:
Academic papers (+1 rows) (+3 cells) (+119 characters)

Academic papers

Author
Title
Link

BitFury Group

Proof of Stake versus Proof of Work

Edits on 3 Feb 2018
Alex Dean
Alex Dean edited on 3 Feb 2018 12:21 am
Edits made to:
Article (+189/-53 characters)
Documentaries, videos and podcasts (+1 rows)
Related Topics (+2 topics)

Article

Proof of stake is a type of blockchain consensus algorithm that relies on participants having an economic stake in the success of the network. Unlike proof-of-work (PoW) based systems/algorithms where the algorithm rewards participants who solve complicatedcomputationally cryptographicalexpensive puzzles in order to validate transactions and create new blocks (i.e. mining), in PoS-based system the creator of the next ledger update (eg a blockchain block) is chosen in a deterministic and pseudo-random way where the probability that an account is chosen depends on the accounts stake in the system (eg its wealth in a system).



Proof of stake has been simplified with the phrase "One coin, one vote" as compared to proof of work's "one cpu, one vote".

...
Proof of stake type
Blockchains

Delegated proof of stake (DPOS)





Dash, PIVX

...



Documentaries, videos and podcasts

Title
Date
Link

Formal Barriers to Proof-of-Stake Protocols - BPASE '18

Jan 30, 2018

Related Topics

Edits on 24 Jan 2018
Paul S. Chun
Paul S. Chun edited on 24 Jan 2018 5:14 pm

Article

The first example of a PoS system was PeercoinPeercoin.

Paul S. Chun
Paul S. Chun edited on 24 Jan 2018 5:14 pm

Article

Proof of stake is a type of blockchainblockchain consensus algorithm that relies on participants having an economic stake in the success of the network. Unlike proof-of-work (PoW) based systems/algorithms where the algorithm rewards participants who solve complicated cryptographical puzzles in order to validate transactions and create new blocks (i.e. mining), in PoS-based system the creator of the next ledger update (eg a blockchain block) is chosen in a deterministic and pseudo-random way where the probability that an account is chosen depends on the accounts stake in the system (eg its wealth in a system).

Edits on 19 Jan 2018
Alex Dean
Alex Dean edited on 19 Jan 2018 7:23 pm
Edits made to:
Further reading (+2 rows) (+6 cells) (+287/-8 characters)

Further reading

Author
Title
Link

Amy Castor

A (Short) Guide to Blockchain Consensus Protocols

Chris Hammerschmidt

Consensus in Blockchain Systems. In Short.



Proof of Stake FAQ

Alex Dean"Adding some variants of PoS, related topics, papers, further reading."
Alex Dean edited on 19 Jan 2018 7:17 pm
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Article (+8 rows) (+16 cells) (+863/-62 characters)
Academic papers (+3 rows) (+6 cells) (+341 characters)
Further reading (+2 rows) (+3 cells) (+63 characters)
Categories (+1 topics)
Related Topics (+10 topics)

Article

Introduction

Proof of stake is a type of blockchain consensus algorithm that relies on participants having an economic stake in the success of the network. Unlike proof-of-work (PoW) based systems/algorithms where the algorithm rewards participants who solve complicated cryptographical puzzles in order to validate transactions and create new blocks (i.e. mining), in PoS-based system the creator of the next ledger update (eg a blockchain block) is chosen in a deterministic and pseudo-random way where the probability that an account is chosen depends on the accounts stake in the system (eg its wealth in a system).



This system has been applied in cryptocurrencies.



History

...

Proof of stake variants

A variety of different types of proof of stake have been developed and implemented across blockchain networks.

Proof of stake type
Blockchains

"Coin age" proof of stake

Peercoin

Casper proof of stake

Ethereum, Rchain

Delegated proof of stake (DPOS)

Bitshares, EOS,

Masternodes

Dash, PIVX

Others & hybrid

Nexus, Decred

Ouroboros

Cardano

Proof of stake velocity (POSV)

Reddcoin

Random block selection

NXT, Blackcoin

Advantages

An advantage of proof of stake systems is the reduction in computational power required to maintain the system compared to proof of work.

Criticisms

The security and scalability properties of proof of stake mechanisms as compared to proof of work mechanisms continue to be debated in the blockchain community.

Academic papers

Author
Title
Link

Aggelos Kiayias, Alexander Russell, Bernardo David, Roman Oliynykov

Ouroboros: A Provably Secure Proof-of-Stake Blockchain Protocol

Aggelos Kiayias,Ioannis Konstantinou, Alexander Russell, Bernardo David, Roman Oliynykov

A Provably Secure Proof-of-Stake Blockchain Protocol

Iddo Bentov, Ariel GabizonAlex Mizrahi

Cryptocurrencies Without Proof of Work

Further reading

Author
Title
Link

Multiple

Proof of Stake

vbuterin

Proof of Stake FAQ

Categories

Related Topics

Edits on 6 Nov 2017
Michael Mangus"clean up abstract"
Michael Mangus edited on 6 Nov 2017 11:01 pm
Edits made to:
Description (+12/-20 characters)
Topic thumbnail

Proof-of-stake

Proof-of-stake (PoS) is ana system/algorithmsystem by which a network (ege.g., a cryptocurrency blockchain) aims to achieve distributed consensus.

Alex Dean
Alex Dean edited on 6 Nov 2017 5:11 pm
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Edits on 15 Aug 2017
Jude Gomila
Jude Gomila edited on 15 Aug 2017 11:46 pm
Jude Gomila
Jude Gomila edited on 15 Aug 2017 11:46 pm
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