Beyond POW/POS Resources For Consensus

Beyond POW/POS Resources For Consensus

By Sisyphuspush | Cardano Cafe | 9 Jun 2021


Charles Hoskinson released a video recently discussing the similarities and differences of the Proof of Work (PoW) and Proof of Stake (PoS) resource models used for consensus on various blockchain projects. In it he also looks ahead to what types of resources could be used in the future, and how Cardano looks to further secure and broaden its network by using a mesh of various resources in selecting block creators for their chain.

 

Charles explains the creation of a block happens in 3 parts:

1) Selecting who creates the new block

2) Creation of the block

3) Validation of the block

While steps 2 and 3 are pretty much the same on PoW and PoS systems, step 1 is where they diverge. PoW chains select block creators based on the proportion of hashrate they provide to the network with computers, PoS chains select creators based on the amount of tokens they hold or have staked into their pools.

Charles then goes on to explain the need to broaden this model by creating a hybrid of the two, with the eventual goal of creating new resources to use in determining the right to create blocks. Some of the ideas he proposed are Proof of Merit, Proof of Storage, and Proof of Relay. The Cardano network is already working with one of the most technologically advanced PoW blockchains today in Ergo. This collaboration could hasten the beginning of the envisioned hybrid model.

This foresight also falls in line with Cardano's commitment to creating a truly diverse ecosystem beyond Defi by creating incentive models for various types of participation.

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Sisyphuspush
Sisyphuspush

Crypto/blockchain enthusiast. Excited how blockchain technology can change the world.


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