Author Topic: BitFury White Paper: "Proof of Stake versus Proof of Work"  (Read 5753 times)

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Offline xeroc

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They are actually doing a good and fair job .. Much appreciated

disclaimer: have not yet read the WHOLE paper

Offline cass

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 +5%

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2.5 BitShares
BitShares is a polymorphic digital asset which can be used to create fungible assets pegged to particular
markets (e.g., US dollars) [18]. It is similar to a colored coins system, with BitShares acting
– 11 –
as an internal currency (like XCP for Counterparty). One of the innovative features of BitShares is
its delegated proof of stake consensus algorithm. The founders of BitShares are now developing Bit-
Shares 2.0, an enterprise-grade financial smart contract platform utilizing several technologies from
BitShares including DPoS.
Delegated proof of stake in BitShares relies on the concept of witnesses. Stakeholders can select
an arbitrary number of witnesses to generate blocks. Each stakeholder has a number of votes equal
to the amount of BitShares he possesses; votes can be distributed among witnesses in an arbitrary
way. Besides witness candidates, a user also selects a number of witnesses he estimates is sufficient
for decentralization. Naturally, a user cannot vote for more witnesses than he believes is necessary.
After results of voting are tallied up, the top N witnesses are selected. N is defined as the minimal
number satisfying at least 50% of stakeholders’ votes. Selected witnesses produce blocks every two
seconds in turns. After each of N witnesses has had his turn, the list of witnesses is shuffled so that
the order of block minters constantly changes.
Similar to witnesses, users of the system elect delegates, who have the privilege to change network
parameters, including transaction fees, block sizes and intervals, as well as witness rewards. To make
changes to the network protocol, delegates co-sign a special account (so-called genesis account). After
the majority of delegates have approved a proposed change, stakeholders then have a two-week period
when they can recall their delegates and cancel the changes. Unlike witnesses, delegates are not
rewarded for their efforts.
« Last Edit: October 02, 2015, 11:29:04 am by cass »
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Offline xeroc

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http://bitfury.com/content/4-white-papers-research/2-proof-of-stake-vs-proof-of-work/pos-vs-pow-1.0.2.pdf

they also have DPOS in there:

Quote
...delegated PoS solves the “nothing at stake” problem and prevents short range attacks on the system.