Blockchains are the new Linux, not the new Internet

Re:Blockchains are the new Linux, not the new Internet by highd on Sunday May 28, 2017 @04:31PM (#14435964)

Proof-of-Stake will be released on Ethereum soon and will greatly reduce the mining overhead, FYI.

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Re:Blockchains are the new Linux, not the new Internet by robinson-wall on Sunday May 28, 2017 @08:29PM (#14436750)

How is Proof of Stake useful in an interbank network though? My understanding of PoS is that everyone wants to follow the same chain because the interest payments on your stake make it beneficial to you to accept a new block. Presumably there wouldn't be anything to stake in a private blockchain.

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Re:Blockchains are the new Linux, not the new Internet by runeks on Monday May 29, 2017 @03:20AM (#14437859)

Proof-of-stake is not a consensus algorithm on the same level as proof-of-work.

When faced with two blockchains, one in which I control 100% of coins -- and thus 100% of the stake -- and some other chain, which chain do you choose, and why?

You can't use stake to make the choice, because that's a property of a chain, so you need to decide which chain to use before stake has meaning.

Also, what happens if an attacker exploits a bug in the Ethereum implementation, and uses it to replace all nodes' chains with his own copy? How can we ever return to the correct chain unless we just use trust/majority vote?

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Re:Blockchains are the new Linux, not the new Internet by iamphilrae on Sunday May 28, 2017 @04:43PM (#14436003)

Actually, if you read one of their blog posts from the last few weeks, they've pretty much abandoned it because it's too hard a problem to solve. Sorry I can't cite, on a mobile and in a rush.

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Re:Blockchains are the new Linux, not the new Internet by terhechte on Sunday May 28, 2017 @05:16PM (#14436119)

This is wrong. Ethereum's proof of stake algorithm is named Casper, and is already open source, you can see the repository here:

https://github.com/ethereum/casper

There's even a Github project where you can see that the current state is work on the "Fork choice/chain logic". This was started 6 days ago:

https://github.com/ethereum/casper/projects/1

The next release (Metropolis) will afaik contain a first implementation of proof of stake which will run in parallel with their proof of work algorithm (last I heard was that every 1000th transaction will be run via proof of stake, but I may be wrong here).

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Re:Blockchains are the new Linux, not the new Internet by cslarson on Sunday May 28, 2017 @06:07PM (#14436304)

I don't think the metropolis release will include any POS based consensus.

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Re:Blockchains are the new Linux, not the new Internet by djrtwo on Sunday May 28, 2017 @04:53PM (#14436043)

I spend a lot of time in the ethereum proof of stake gitter and I can confirm that this is false. It's actively being researched and still in the roadmap. A hybrid PoS/PoW model will likely come out first.

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Re:Blockchains are the new Linux, not the new Internet by joosters on Sunday May 28, 2017 @09:03PM (#14436843)

https://download.wpsoftware.net/bitcoin/pos.pdf is one source.

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