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How did Proof of Stake come about?
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How did Proof of Stake come about?
This algorithm was first mentioned in 2011. Then the developers S. Nadal and S. King dealt with the issue of reducing energy consumption when mining cryptocurrency. An active discussion was conducted during the forum, which is dedicated to cryptocurrency. Then the functioning of the blockchain cost the community about 15 thousand dollars for 1 day.
The high energy cost of using the Proof of Work algorithm consisted in carrying out a large number of computational operations. Gradually, the load on the system grew, although the calculations did not have any practical value. All expenses did not have any significant justification, which forced the developers to seriously revise the algorithm. For this reason, the development of a different method of proving the correctness of the transaction began, which became Proof of Stake. In the new system, it was easier to predict who would open a new block, as they were large coin holders and investors with rarely moved savings.
The Peercoin cryptocurrency code served as the first implementation of the new algorithm. The practical implementation of high energy efficiency has attracted the attention of electronic coin investors. This was the impetus for the emergence of several more coins on the Proof-of-Stake algorithm. Among them, it is worth noting BlackCoin, ShadoeCoin, NXT and others.
Initially, the logical structure of the algorithm provided protection against the dominance of large coin holders. A large amount of cryptocurrency increases the chance of opening a new block, but the coins are frozen for some time and cannot be used. At first, the owners of 3% of the coins produced 4% of the blocks.
