03-03-2020, 12:52 AM
Why are there no popular Proof of Stake Coins?
<!-- SC_OFF --><div class="md"><p>Why are the top coins dominated by Proof of Work blockchains and not Proof of Stake blockchains? Proof of Work is inherently costly, slow and power intensive.</p> <p>Proof of Stake on the other hand is much faster, much cheaper transaction costs, more decentralized since every open wallet is a node, and does not have the same environmental burden as Proof of Work blockchains.</p> <p>Lastly, anyone who simply HODLs the Proof of Stake Currency in an open wallet earns passive income by receiving newly minted coins so this economic model rewards all participants. It's kind of like the US Dollar, but everyone receives the inflated new coins, not just the government!</p> <p>VeriCoin is a long favorite of mine as a proof of stake currency because it benefits from auxiliary proof of work mining to address the only real concern of Proof of Stake, which is that it may not be as secure.</p> <p>What do you think of POS? Is there a project I should check out?</p> </div><!-- SC_ON --> Kind Regards R
<!-- SC_OFF --><div class="md"><p>Why are the top coins dominated by Proof of Work blockchains and not Proof of Stake blockchains? Proof of Work is inherently costly, slow and power intensive.</p> <p>Proof of Stake on the other hand is much faster, much cheaper transaction costs, more decentralized since every open wallet is a node, and does not have the same environmental burden as Proof of Work blockchains.</p> <p>Lastly, anyone who simply HODLs the Proof of Stake Currency in an open wallet earns passive income by receiving newly minted coins so this economic model rewards all participants. It's kind of like the US Dollar, but everyone receives the inflated new coins, not just the government!</p> <p>VeriCoin is a long favorite of mine as a proof of stake currency because it benefits from auxiliary proof of work mining to address the only real concern of Proof of Stake, which is that it may not be as secure.</p> <p>What do you think of POS? Is there a project I should check out?</p> </div><!-- SC_ON --> Kind Regards R