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Consensus Joke (Day 508)

Have you heard of the common consensus methods used by different blockchains?

  • PoW: Proof of Work--requires miners to solve very hard and increasingly harder math problems to qualify for block rewards (e.g., Bitcoin). This is an energy-intensive architecture

  • PoS: Proof of Stake--miners usually require a huge stake, so if they try to cheat AND get caught, they will forfeit their stakes for being a bad actor. This way, the blockchain can keep miners honest without wasting too much energy. (e.g., Ethereum 2).

  • PoH: Proof of History--not exactly a consensus protocol, more like a way to speed up mining. It encodes timestamp to remove the need for communications between nodes and removed the ability for miners to re-arrange transactions within a block (hence reduce the chance of MEW). (e.g., Solana)

So there were 4 blockchain developers at the dinner table tonight. One of them took a group selfie and said that's his "proof-of-work" to his wife. ;-)

The other developer replied, she already has your "proof-of-stake!" ;-)

And another chimed in--she also has your "proof-of-history!" ;-)

Ok, I know it's too geeky... ;-)

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