Algorithm Proof of Weight. What is it and what are the benefits?

About the algorithms on the basis of which operate blackany coins, everyone has heard of the Hodler. For example, Bitcoin works on a Proof of Work (PoW), and the Ethereum soon go to proof of share ownership or Proof of Stake (PoS).

There are many algorithms, each of which has its advantages and disadvantages. Today we will consider Proof-of-weight or “weight of evidence”. This is a quite unusual solution allows you to easily configure and scale the network. However, encouraging users to transition to this algorithm remains the biggest challenge.

What is Proof-of-weight

Consider the principle of operation of a Proof-of-weight based on the popular example of the application of the algorithm — coins Algorand. It allows you to conduct transactions with high speed and able to scale to a large number of users. The company claims that the algorithm guarantees consensus in a network without the risk of the development of the fork. An important element is the weight of each user, which depends on how many coins lying in his account.

This “proof of weight” reduces not only the risk of the fork, and attack double spending of tokens, keeping your network safe. Proof of Weight ensures that two-thirds of users are honest — that is, have the necessary balance to confirm the weight. This feature allows the organizer allows you to create on the basis of Weight Proof community from accidental owners of coins to start each step of the Protocol.

If PoS is probability of finding your next block depends on the percentage of tokens that you own on the network, the system PoWeight “weighs” any other important parameter. For example, in the project Filecoin used Proof-of-Spacetime that reflects how much data you store IPFS. Another project, Chia uses to reach consensus, the proof of space and time.

Although Proof-of-Weight has many advantages, it is not the consensus model, which is the largest cryptocurrency can go in the near future. Its main problem — the motivation of users to participate in such networks, to strengthen which is extremely difficult because they do not receive remuneration. This makes Proof-of-Weight more suitable model for creative projects than for commercial.

What do you think about the algorithm? Waiting for discussion in the best cryptcat the world.

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0 Comments on “Algorithm Proof of Weight. What is it and what are the benefits?”

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