Just realized Proof-of-Stake and privacy can't co-exist

[Anonymous No.49950838]

In PoS the identity and certain amounts need to be known for block validation. Is someone working on a solution?

[Anonymous No.49950873]

>>49950838
theres been private proof of stake for years noob.

[Anonymous No.49950974]

>>49950873
Source?
>in b4 u made it up

[Anonymous No.49951513]

bump

[Anonymous No.49951568]

>>49950974
>Source?
that's private

[Anonymous No.49951623]

>>49950838
yeah, thats why we need Proof-of-Utility

[Anonymous No.49952048]

>>49950873
>theres been "private" proof of stake for years noob.
ya its private like the current ledger between banks that keep track of all our money. No one can publicly search the ledger, so its technically "private" Except the government and others that pay for/steal the information. Same way your "private" instant messaging apps have back doors for the CIA or are demanded to release records to alphabet agencies under threat of law under the guise of national security. I know fuck all the technicals of POS but I can bet you I am 100% correct. If shit is premined and held some central authority you can bet your ass its not private in any meaningful sense. BTC not even private, when it was considered private it was because of being so obscure. Ultimately nothing is 100% private or secure, its about a price point. How difficult can you make it for a participant to break your encryption. Not even a black hole destroys information.

[Anonymous No.49952700]

>>49952048
You sound based.

I don't feel good about premines, especially in protocols where holding some quantity of tokens gives you voting power (eg. Polkadot). A single whale could get its hands on the entire genesis supply, split it across many wallets and hide its identity. It could run many validator nodes or sway the governance of the protocol in question, effectively giving this whale total control. PoS also lacks privacy.

See here:
https://www.reddit.com/r/dot/comments/qdj64e/we_dont_have_a_full_control_of_our_tokens/

This said, the other alternative isn't very attractive either. In Proof of Work, the chain can be forked infinitely so it's just as perverse as premines. See how ETH forked into ETH & ETC, both chains keeping considerable value. At least in PoS chains like Polkadot the governance changed the protocol to revert the hack without forking into a new chain, but this leaves us open to gimmicks. Imagine a court ordering Parity (Polkadot) to freeze someone's assets. Then a Parity whale could easily censor the targeted individual. PoW also requires some sort of tail emissions because mining costs are going up and block rewards are diminishing. Miners can't realistically secure the chain at loss. At this moment 2% of the mining revenue is from transaction fees. After a few halvings this won't be sufficient for miners to stay. Then again, the network difficulty can change, so who knows, will other miners replace the ones that leave?

Zcash is planning to merge with a PoS chain too, like Ethereum for this reason.

[Anonymous No.49952779]

>>49952700
>>49952048
I also don't like the fact that Bitcoin nodes can be easily manipulated in terms of votes. They're cheap to make (don't require you to hold sats) and they can be DDoSed. So who knows what happens in reality? Are nodes spammed until they go offline to prevent them from voting? Is some company creating droves of nodes in order to manipulate Bitcoin governance? (eg. 1 node = 1 vote)

How do you make sense of the crypto space? How do I make a proper risk assessment if I believe in crypto?

[Anonymous No.49953177]

>>49952048
>>49952700
>>49952779
I think of PoW as a way to distribute currency fairly and once most of it has been distributed (provided the supply is capped) then it makes sense to migrate to something like PoS. PoW as a means of distribution is an insurance that the currency will be spread across many wallets since it drips in faucet like fashion.

[Anonymous No.49953214]

>>49950838
secret network
/thread

[Anonymous No.49955059]

bump