Is Proof of stake solely capable of encountering the evolving challenges of blockchain technology?

There are many algorithms on which blockchain technology can solve many of the computational challenges – whether they are from accounting, cyber-security, or any other area prone to the effects of cryptocurrency.

From those algorithms that follow a certain set of protocols, one may check for the validation of the minor nodes – who work actively but their contribution is not illustrated at a larger scale. 

Also, many platforms are working onto the peer-to-peer technology that uses the algorithm for validation. This can be pronounced as POS or Proof-Of-Stake. With its help, one may track the existence of various peers that may contribute to the existing ecosystem with the offerings acquired in a much of decentralized manner.

Some of the relevant POS insights used in the blockchain technology

It is a proven fact that the cryptocurrencies somewhere use the network relying on normal speed as well as connectivity. But still, it is much feasible to implement the Proof-of-Stake fundamentals and overcome the existing challenges faced in variable computing environments.

All these fundamentals may claim for an unconflicted authority so that the users or the top-notch individuals accessing the available blockchain technology and the related applications may assertively verify the existing nodes and then, respond well with live consistency and scalable performances too.

However, the miners may use Proof-Of-Stake and empower hash rates because the rewards extracted after the relative minings of these crypto-formats like bitcoin, ethereum, etc can be equally distributed among the participants who participated or will participate in the available pools.

Offering security and producing new coins

The POS methodology invites respect for the older coins. In the existing network, it is obvious that there will be numerous chains. All of those will have a few or some blocks associated that one may count onto fingertips.

Besides, in the network that uses Proof-Of-Stake, there is a turnaround time of thirty-days. This time is for storing the blocks miners tend to access for passing information from one chain to the other. Once a block or a certain number of blocks aren’t used for ten to twenty days, the chances of conceiving them as per the majority’s consensus are higher.

Also, the older blocks are more secure and they dominate the existing blockchains. If in case the miners tend to break the chain by adding new nodes or completely creating a new chain compromising a series of blocks, the older blocks will be given the preference and they will join the network.

Through this, the blockchain technology possessed by the existing network will process an enhanced computational power so that the probability of securing the network with the utmost convenience will be higher.

Even many authors who write about blockchain and the associated methodologies criticize the fact – thinking that attackers may easily destroy the blockchain and steal all the information holding a significant value.

But still, it can’t be ignored that the original version of POS is Proof-Of-Work. Furthermore, this has offered lesser latency as the miners may communicate and respond faster rather than thinking about the long-term delays that may occur due to the non-transmission of the data packets at the desired location throughout the network. 

An advantageous working that compensates the miners well

Once there is participation seen from the end of miners to share the necessary datasets that need the blockchain technology, there is automatically a puzzle or a type of computational problem that needs to be solved. 

Though the attackers may try to intrude amidst the sending the receiving of the data during the migration process, yet they won’t be able to break the strongest encryption offered through such puzzles. Here, the miners are in an advantageous position. This is so because they are well-versed with the ways of solving puzzles requiring complex computational strategies that must be implemented within the time.

Additionally, after the puzzle (either designed in complex or simpler problems) is solved and the answer is submitted by the miners, they will surely get the rewards onto their crypto accounts. Thus, the higher amounts of energies (more than 10000 kilo-watts) processed by the blockchain systems don’t go waste since the miners are getting an estimated percentage of tokens that can’t be destroyed and also aren’t prone to any losses.

But one needs to remember the fact that the maximum challenges of the blockchain industry are countered well with Proof-Of-Stake, but still, some will be solved as the technology will pass from one generation to the other.

Henceforth, the tragedies that are associated with fraud ways of controlling the computing power of the blockchain systems and also with those people who try to leave their negative influences onto the native blockchains can be controlled to a larger extent through Proof-Of-work and the security mechanisms it is using for offering reliability, online security plus the seamless integration with other peers.

Are the insights offering relevance to the solutions required?

From sequencing parallel processes to offering rewards for the miners that in a constant search of implementing the available algorithms supporting blockchain technology, POS (i.e. Proof-Of-Stake) can surely spot the evolving challenges and offer the necessary solutions that can solve complex problems encountered by the developers and other top-notch authorities.

Furthermore, the insights illustrated above can minimize the impact of online assaulters who prefer to steal the information holding value of more than a billion dollars. 

Therefore, instead of making plans to punish the assaulters, the sole purpose of the developers and other miners who are accessing the technology must revolve around enhancing the existing methodologies that may perform outstandingly in the robust and complex computational environments.

It won’t only benefit the current miners that are modifying the blocks or trying to create new chains that can offer the rewards on an instant basis, but also provide a secure and multi-level encrypted mechanism. This may not only validate the transactions occurring within the network but also incentivize the traders so that they may drop their plans of pursuing the conventional ways of capturing the interests of their customers – without thinking if they are interested or not.

Elena Smith

Elena Smith is a career-oriented woman and passionate content writer. She is knowledgeable in areas including the latest technologies, QuickBooks Hosting services, cloud computing and Cloud accounting. When it comes to writing she has the ability to stamp out gobbledygook and makes business blogs understandable and interesting.

Related Articles

Leave a Reply

Back to top button