quantificationOfConsensusProtocolSecurity Alternatives

quantificationOfConsensusProtocolSecurity reviews and mentions

• Kraken released an analysis of PoW vs. PoS - Results are fascinating and proves why Bitcoin PoW is king.
  2 projects | /r/Bitcoin | 10 Aug 2022

  Very true. However, the situation is worse for PoW. I did quite a bit of work on this subject and found that the best case scenario for PoW is that 0.625% of the supply of bitcoin would be required to buy out enough miners for a 51% attack. Even requiring a few % of the total supply for an attack on a PoS chain would be a substantial improvement in blockchain security. However, while PoW has strict limitations on how much security can be profitably created via mining (because of the high costs of mining), PoS is much less limited in that regard because the low costs of minting mean far more coins can be put towards profitably minting.

• Why Proof-Of-Work Is A Superior Consensus Mechanism For Bitcoin
  3 projects | /r/Bitcoin | 15 Jan 2022

  These two are the only actual arguments against PoS in the article and they both apply equally to PoW. For anyone that actually wants to learn about the security of consensus Protocols, this research is a lot more in depth.

• Simon Chandler's article on PoW and PoS at Business Insider is predictably misleading
  3 projects | /r/ethereum | 24 Dec 2021

  This is controversial, but it is false, in my studied opinion. The Bitcoin blockchain is certainly the most secure blockchain, but does this mean proof of work is the most secure consensus protocol? No it doesn't. To explain why, its important to understand what security is and critically, how to quantify it. The security of a consensus protocol is the difficulty of attacking it, which can be measured using the cost of executing a successful attack. The critical piece of this security is that both Proof of Work and Proof of Stake have securities that are proportional to the total value of the currency. The more a currency is worth in total, the more value there is in the system to secure it.

• Why Proof of Stake is Flawed with Lane Rettig — What Bitcoin Did
  2 projects | /r/Bitcoin | 20 Dec 2021

  I already have a deep understanding because I've already put in the time. I don't want to put in double the time, which is why I think every podcast should put the effort in to make a searchable transcription. That way I can find the interesting 1 or 2 points I haven't heard before that might make for interesting discussion.

• PoW vs PoS
  2 projects | /r/Bitcoin | 1 Sep 2021

  I've done much more than 5 minutes of thinking about this. So I'd appreciate less condescention.

  2 projects | /r/Bitcoin | 1 Sep 2021

  The arguments levied against PoS are almost always massively misinformed, ignorant arguments. I've spent a lot of time doing research and consensus protocols, and I've come to the conclusion that proof of stake can be multiple orders of magnitude more secure than proof of work.

• [bitcoin-dev] Opinion on proof of stake in future
  3 projects | /r/BitcoinDiscussion | 26 Jun 2021

  I don't know why you think that. In fact, I wrote a paper specifically about how to compare the security of consensus protocols apples to apples.

• PoW vs PoS. Help me
  2 projects | /r/Bitcoin | 30 Apr 2021

  Look, I agree that proof of stake can work and I also think it can be more secure than PoW. But just wanting to upgrade it does not make it possible. There are a lot of technical and security issues that can't just be wished away. I've done the technical thinking to be confident that PoS can work, but the vast majority of people who tout PoS have not. So please realize that its not that simple.

  2 projects | /r/Bitcoin | 30 Apr 2021

  You might be interested in reading my (unfinished) paper: https://github.com/fresheneesz/quantificationOfConsensusProtocolSecurity

• What is stopping Bitcoin from being replaced by a competitor with better underlying tech?
  2 projects | /r/Bitcoin | 3 Apr 2021

  So to my last point, if an altcoin does come up with something like that and the technical bitcoin community agrees that technology is sound, Bitcoin can incorporate it. However, there are fundamental barriers to higher base-layer transaction speeds, and most coins that offer higher speeds do so because they sacrifice security and resilience against attack. Something that consumes less security is basically going to be some kind of proof of stake. There is massive opposition in the bitcoin community against proof of stake, however if its shown that a proof of stake consensus protocol fulfils all of Bitcoin's the security goals, its possible for bitcoin to be transitioned to a different consensus protocol. I believe that proof of stake has fundamental properties that make it not only less costly but also more secure. However, it will take a lot of time to convince the community, and likely will take running into the limits of bitcoin's current consensus protocol in a much worse way before people take PoS more seriously for bitcoin. Bitcoin's consensus protocol works fine for now and there are a lot of other higher priorities to focus on at the moment.

• A note from our sponsor - SurveyJS
  surveyjs.io | 16 Apr 2024

  With SurveyJS form UI libraries, you can build and style forms in a fully-integrated drag & drop form builder, render them in your JS app, and store form submission data in any backend, inc. PHP, ASP.NET Core, and Node.js. Learn more →