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[Mirror] A Proof of Stake Design Philosophy

vitalik.eth.limo · 1,821 words · saved by 1 readers

This is a mirror of the post at https://medium.com/@VitalikButerin/a-proof-of-stake-design-philosophy-506585978d51 Systems like Ethereum (and Bitcoin, and NXT, and Bitshares, etc) are a fundamentally new class of cryptoeconomic organisms — decentralized, jurisdictionless entities that exist entirely in cyberspace, maintained by a combination of cryptography, economics and social consensus. They are kind of like BitTorrent, but they are also not like BitTorrent, as BitTorrent has no concept of state — a distinction that turns out to be crucially important. They are sometimes described as decentralized autonomous corporations, but they are also not quite corporations — you can't hard fork Microsoft. They are kind of like open source software projects, but they are not quite that either — you can fork a blockchain, but not quite as easily as you can fork OpenOffice. These cryptoeconomic networks come in many flavors — ASIC-based PoW, GPU-based PoW, naive PoS, delegated PoS, hopefully soon

Dark Mode Toggle [Mirror] A Proof of Stake Design Philosophy 2016 Dec 29 See all posts [Mirror] A Proof of Stake Design Philosophy This is a mirror of the post at https://medium.com/ @VitalikButerin/a-proof-of-stake-design-philosophy-506585978d51 Systems like Ethereum (and Bitcoin, and NXT, and Bitshares, etc) are a fundamentally new class of cryptoeconomic organisms — decentralized, jurisdictionless entities that exist entirely in cyberspace, maintained by a combination of cryptography, economics and social consensus. They are kind of like BitTorrent, but they are also not like BitTorrent, as

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