The Definition of Proof of Capacity
The Proof Of Capacity (PoC) consensus algorithm was derived from Burst, which began in 2014 and was upgraded to PoC2 in 2018. The PoC is still based on the Hash algorithm, just like the Proof of Work (PoW) algorithm. However, PoC uses regular hardisk space to mine, that is, first before the mining begins, miners use the plotter software to put the hash value into the plots file to fill in the hardisk, and then, after the blockchain gives the puzzle, the mining machine quickly scans the drive to find the answer and submits the DL. During this period, Whoever submits a smaller DL will succeed in getting a block reward. The more capacity your hardisk has, the greater your chance of having the best solution for the most recent puzzle.
Proof of Capacity Features
Unlike the ASIC required by PoW, PoC uses regular hardisk to mine, which is more environmental-friendly and energy-efficient. At the same time, the price of the regular hardisk is cheaper and the cost is lower, which greatly lowered the entry barrier and truly fair for everyone. Meanwhile, the more people join in PoC mining, the more decentralized the PoC mining will be, which truly realizes the vision of Nakamoto.
The Future of Proof of Capacity?
PoC has successfully proposed its own solution for the problem that POW has been widely criticized for not saving-energy and environmental-friendly. At the same time, PoC has greatly lowered the entry barriers and is more decentralized. However, compared with the PoW algorithm, the PoC audience is still very narrow, mainly concentrated in some countries in Asia, and there are not many people concerned. However, PoC has only been in development for five years since its first appearance, and it has always been highly praised by miners. I believe time will give us a real answer about how effective Proof of Capacity is and whether or not it will become the new norm for consensus algorithms.