Since the main online line of Bystack on July 20th, it has been running smoothly for 10 days. More than 60 organizations around the world are participating in the consensus node campaign and have already won a total of 130 million BTM votes.
The PoS consensus mechanism was first applied to PeerCoin in 2012, and it has been seven years since. More and more blockchain projects are adopting the PoS mechanism. The debate between PoS and PoW has been constant. Compared with the original chain as the Bytom main chain with PoW mechanism and the side chain of PoS mechanism, and the combination of the two in the public chain project of Bystack, it is inevitable for the public to pay attention to and discuss. On the evening of July 30th, the original star segment received an exclusive interview with InfPool's "PoS Hundreds of Talks", and shared ideas on the mechanism of PoS and PoW coexistence and the development plan of the Bystack platform.
The following is a record of the interview content.
- Analyst: The probability of breaking $20,000 at the end of Bitcoin is 7%, and $10,000 is becoming the new bottom.
- In addition to halving expectations and institutional entry, Bitcoin eventually won the world's top five reasons
- Is CSW penalized 550,000 BTCs, is this important?
- Xiao Lei: The rumor is very subtle, Tencent and Ali will participate in the central bank's digital currency issuance.
- Bystack side chain test online line, there are more than ten teams at home and abroad running for "consensus nodes"
- There are only two kinds of coins in the currency circle: community coins and "community coins"
Q1: The Bystack platform and the Flint Project launched this year have attracted a lot of attention. Can you please explain to the audience what the Bystack platform is? What is its meaning for the original ecology?
Duan: I am very happy to be the first issue of "PoS Baijia Tan", although I am the founder of a PoW public chain. Bystack is first and foremost a Staking platform. It has already realized the Staking business of Bytom than the original chain, which can effectively adjust the economic model and participation structure of Bytom. Second, Bystack is also a development framework for asset-based blockchain applications that allows the general business to use the tools and services it provides to make data, assets, and business easier to get on.
Q2: We noticed that you listed Staking separately. Some users may not be familiar with the word. Staking refers to the behavior of voting in the PoS public chain to participate in mining. It is much more convenient to mine than a PoW mining machine. Then, if you want to ask Duan, can you explain the significance of Staking to the original ecology? Why emphasize that Bystack is first and foremost a Staking platform.
Duan: As far as I am concerned, Staking is a big change in the direction of the industry, but it is not as simple as a mortgage vote. It is very obvious that the upstream and downstream of the traditional mining industry have begun to solidify. Moreover, there are certain deficiencies in the PoW incentive model.
As a PoW public chain than the original chain, it is necessary to “design and implement a complete, low-threshold model that facilitates participation by more parties”. Staking is an important way to introduce more stakeholders to continue to participate in the joint construction. The development of the public chain is a protracted war, and it cannot be done overnight. The quality of these consensus nodes and the quality of the participants determine the quality of the future ecological ecology of the public chain. At present, the first batch has more than 60 candidates, and 42 have now become our consensus nodes and candidate nodes, including developer community, media, hosting parties, etc…
The single-row Staking business is also a self-reminder and warning to the team that needs to pay close attention to the industry. It avoids blindly “developing platform for development platform” and goes to the old road and the dead road of the BAAS platform without currency block. In the past few years, the alliance chain enterprises that have been purely applied to the ground have been completely annihilated. The so-called killer application of gaming, chain travel, and DAPP are also short-lived. There are too many examples of failure. So just now, I highlighted the Staking platform in the beginning. In this fiercely changing industry, entrepreneurs must adhere to the technical route, and also pay attention to and grasp the pulse of the industry, using various ways including Staking. To actively create a sustainable enterprise-community interaction structure. Q3: Yes, Staking allows more stakeholders to come together in the ecosystem, and the high performance of PoS also provides technical possibilities for enterprise-level application development. Would you like to ask when Bystack can let developers develop applications? Which areas do you expect to be the first to apply?
Segment: At present, some services are available. For example, the voting service of each node is realized by Bycoin, and it can also be based on Bycoin to perform hosting and cross-chain transfer than the original assets. In terms of development, our first step is to focus on the developers of businesses and enterprises: Byone is gradually providing the fast-winding function of the assets and data of the merchants. Others, such as the development framework Bystore, the business mid-block Blockcenter and the micro-service framework Gostack are also in progress.
For the application landing, I don't make too many presets. However, there is no global state storage than the original technical architecture and code implementation. The stylized programming prediction based on flexible and intelligent signatures, based on the UTXO extension model, determines whether it prefers the development of asset-based applications. Q4: There is another question that everyone has always been very concerned about. What kind of considerations does the paragraph and your team have than the original team, and decided to build a side chain or BaaS platform based on the PoS mechanism on the public chain of a PoW?
Duan: Mainly paying attention to the big direction of Staking, introducing the participation of B-end users outside the traditional mining industry. At present, Bystack's consensus node, in addition to the mine pool, there are already more than the original developer community node, professional host party, wallet side, which is extremely meaningful for future development.
Second, sidechains can address the scalability limitations of our PoW backbone. After the deployment of Bystack, we have upgraded the TPS from the previous <100 TPS to the actual ~10000 TPS currently running on Vapor, and there will be an order of magnitude increase in the future until we set the target of the million-level TPS.
In addition, under the main-chain multi-chain architecture, the risk is isolated between the main side chains, and the business, privacy, and value are separated between the side chains. The compliance and legal management modes in the federal management mode are its characteristics, which is convenient for the future. The expansion of the business. Q5: Yes, the Vapor sidechain transfer speed makes me very confident about its scalability. Compared with the original construction of the PoW mechanism of the public chain, but also practiced the PoS mechanism, so you will have a say on this issue: In your opinion, PoS mechanism and PoW is better or worse? Or what are their better characteristics?
Paragraph: There is no difference between the two consensus mechanisms, and the more different the focus. PoW has low admission and good decentralization. Only enough decentralization and security can support distributed financial asset applications; DPoS is highly scalable. Enterprise-class services are only supported if they are sufficiently scalable.
Q6: Do you think the mechanism of PoW+PoS has advantages over a single consensus mechanism?
Paragraph: There will be. Single consensus mechanisms and single chains have their own inherent limitations that cannot be resolved by single-chain and single-chain stratification. The main side multi-chain, rationalized division of labor can solve the current problems.
Q7: You mentioned that there is an advantage over single chain, I think of an example. Bystack positioning is a platform for enterprises and individuals to develop applications. I think EOS's full name literal translation is "enterprise operating system", both of which are platforms for DAPP development. Do you think that Pos+PoS's Bystack has an advantage over EOS with a single DPoS mechanism?
Paragraph: EOS does a good job, but it is different from Byrom's direction and design philosophy.
More than the original chain is committed to the realization of diverse assets and programmable economy, as an asset-based application, we must consider the real-world high-performance needs, but also need to pay attention to a decentralized global book, asset network for the basic The meaning of financial and asset-based services, so our POW main chain as an important asset registration, settlement, and destruction chain is still irreplaceable.
In terms of design concept: different types of problems are solved by the main side double-chain or even multi-chain (PoW chain + DPoS chain), the right person does the right thing, and EOS tries to solve all problems with one chain. Q8: Yes, it is not only an expert in asset interaction agreements than the original chain, but also the industry leader in the PoW public chain to complete Staking. I saw that you said in the circle of friends and Weibo a few days ago that you can provide technical solutions for the PoW public chain that wants to do Staking. Now contact you to do more Powell public chain for Staking? What do you think is the main purpose of the PoW public chain to do Staking?
Duan: This is what I mentioned before when I was speaking. PoW's current incentive settings are inadequate and need to be corrected. Not long ago, there was a privacy-related PoW public chain that raised funds from the community because their core developers had no salary to pay, and subsequent development was unsustainable. This is obviously unreasonable. The ultimate prosperity of the public chain needs to consider the participation of many parties, considering the interests of various contributors, not just the mining side.
Q9: This is a very vivid example. The original calculation of mining can only be awarded to miners, and Staking can be rewarded to many people in the ecology. I see the current node than the original side chain. In addition to the node operation and maintenance service providers such as InfStones, there are also many wallets, capitals, developer communities, etc. I believe that everyone can work together to help the future business application and ecological construction. I have a little statistics, including the Bystack, the current annualized rate of return for the PoS public chain project is about 10%, and in the currency circle where the currency price fluctuates drastically, there may be a 10% increase or even a day. More. In many PoS communities, it is often heard that the currency holders say that the voting revenue is not as good as the band. How do you view this view?
Paragraph: Any investment is risky. Objectively speaking, no matter whether it is band, pledge mining, buying more, or long-term holding, it cannot completely avoid risks. Bitcoin has risen so much, but there is still a lot of money to buy and sell bitcoin. Investment is a personalization that requires consideration of individual financial strength, risk tolerance, and personality, mindset, and even values. For example, whether you are a French currency or a currency standard, whether it is a short-term speculator or a long-term investor, is pessimistic or optimistic about the future, and can withstand the long and long loss period, mainly relying on the band to get rich or choose high-quality assets and long-term value investment. I think it is still necessary to understand yourself, including your own personality type, expectations, economic strength, and thus choose the right means. It varies from person to person and tailored.
The moderator concluded: Yes, the PoS and Staking mechanisms make the identity of the holder and the miner coincide, and the holder can also participate in maintaining the value of the public chain. Optimistic about a public chain and participating in its Staking (voting mining) is a way to promote the growth of the value of the public chain in the long run.
PoS is a consensus proof mechanism. It has higher scalability and different advantages than PoW, and is more suitable for business applications and enterprises and services. At the same time, Staking can mobilize the interests of the participants and contributors in the ecology. The original PoW public chain, including the original chain, is gradually embracing the PoS mechanism, using the main side chain multi-chain and PoW+PoS multi-consensus coexistence. Form, not only to ensure the safety of the main chain, but also to ensure the scalability of the side chain. I hope this will bring more inspiration to the public chain, so that the public chain ecology can be gradually improved and better and better.