[Cryptography] Altcoin volume

[James A. Donald]

There can only be one.  Who is winning?

Well obviously bitcoin is winning, but bitcoin's flaws may bring it 
down, so which altcoin is best placed to replace it?

The winner needs to be a proof of stake currency, because transactions 
cost less and are faster, and it needs to facilitate communication and 
to provide identities and logins.

And because intelligent voting is a benefit to the community, but not to 
the individual, it needs to harvest behavior of stakeholders to provide 
witness election, as steamit does to some extent.

While proof of work currencies suffer from the problem that miners may 
not pursue the best interests of the currency, proof of stake currencies 
suffer from the problem that stakeholders may not vote in their best 
interests, that typically stakeholders do not vote at all, or vote 
frivolously.

Bitcoin is hitting its scaling limits hard, and is dependent on 
tolerance by the Chinese government.  But so long as the Chinese 
government is not too oppressive, it will remain the dominant 
cryptocurrency.

(Digressing, as American capitalism comes to mean that the accounting 
and human resources departments are tentacles of the American state even 
in nominally independent nations, maybe we will soon call actual 
capitalism "socialism with Chinese characteristics")

Right now there are umpteen altcoins, most of them composed of hype and 
copies of the bitcoin software, some of them outright scams.

Information of the value of altcoin currency is not necessarily 
reliable, because of the dotcom boom density of scams and projects that 
wind up degenerating into scams.

Steam broke genuinely new ground, and EOS is in the same lineage. 
Unlike a lot of altcoins whose main goal is to separate speculators from 
their money, they deserve to succeed.  They are clearly better than bitcoin.

How are they doing?



On 2017-09-05 22:53, iang wrote:
> Hi James,
>
> On 21/08/2017 06:55, James A. Donald wrote:
>
>> Tezos is a proof of stake crypto currency
>
> My understanding is that Tezos is a DPOS or delegated proof of stake
> system, having adopted the mechanism invented by Dan Larimer for
> Bitshares/Steemit.
>
> In short, DPOS separates out the problem of PoS into two layers:
>
>  * a selected set of block producers (aka witnesses), and
>  * an on-chain voting mechanism to vote in/out the producers
> proportional to stake.
>
> This separation solves the "nothing at stake" problem.  I've written an
> introductory high level description to DPOS here:
>
> https://steemit.com/eos/@iang/seeking-consensus-on-consensus-dpos-or-delegated-proof-of-stake-and-the-two-generals-problem
>
>
> And here's a more practical take of the workings of the Steemit DPOS
> system, with numbers:
>
> https://steemit.com/witness-category/@someguy123/seriously-what-is-a-witness-why-should-i-care-how-do-i-become-one-answer



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