Hello, Zcash Community
I’d like to start a conversation about those methods of consensus. I’m going to start by stating my opinion and looking forward to hear from you.
I’ve had a great interest around distributed systems since I got to know Bitcoin around 2014. Like many others, I was excited and surprised to hear about Proof of Work. As time goes by, I became more involved with Ethereum’s community and there I learned about Proof of Stake. I’ve always had a highly skepticism around the latter.
During 2017, I encountered Decred and its Hybrid PoW/Pos solution and I really liked the solution. Sadly, we don’t have a lot of discussions about this specific model around the crypto community. From Decred’s docs:
The major contrast to the follow-the-satoshi scheme previously described1 is a new lottery system in which tickets must be purchased and then wait on a maturity period before they can be selected and spent. Selection of tickets for a block is performed lexicographically from a mature ticket pool based on pseudorandomness contained in the block header. Because manipulation of this pseudorandomness is difficult in a PoW system, manipulation of ticket selection is associated with a fundamental cost to the PoW miner. The selection of tickets over a time period can be described by a probability density function similar to the probability of obtaining a block in PoW at a constant hash rate over time at a constant difficulty2, yielding a probability distribution with a mode approximately equal to half the ticket pool size. The price to purchase a ticket is regulated by a new stake difficulty that is determined by the exponentially weighted average number of tickets purchased and the size of the mature ticket pool in prior blocks.
And, finally, I recently got very interested in privacy-focused currencies. I always appreciated the capability of Zcash’s community to build and form a dialogue about issues, and would love to hear from all of you. I’ll make some questions just to have the ball rolling.
- What’s your take on this Hybrid PoS/PoW?
- Do you think that this consensus method is compatible with the for-profit ZcashCo?
- Will Zcash someday evolve to others methods or is PoW sufficient?