A good system can take the country in the long run. A good certificate design can bring a blockchain project to a more complete and long-term.
Although the PoS consensus is considered by many to be the next consensus trend, there are still some problems. For example, the initial token allocation of the project is criticized as PoW decentralized. Some people have proposed PoW mining and distribution and PoS. In fact, the PoS consensus is now Only after being tested by the market, and constantly improving itself, here are a few future challenges about PoS economy and governance.
PoS node revenue future decline trend
Chain design itself
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PoS economic growth momentum is maintained by issuing additional tokens. It is very similar to the national monetary system. Generally speaking, the initial issuance of PoS projects will be relatively high. As the project matures and matures, the increase rate will be lowered by the community agreement, comparing the reality. The growth rate of developing countries is high, interest rates will be higher, the growth rate of developed countries is low, and interest rates are naturally lower. The interest rate represents the average rate of return of a country's assets, and the project side encourages the node to maintain the network and encourage the community members to contribute through the increase rate.
The current blockchain project is still very early, so there is a high and implicit risk premium of 20%-150% increase rate, such early high-yield attractive nodes and holders participate, but what can be seen is maturity Stabilization projects such as Ethereum, the rate of increase in the proposed PoS is less than 5%.
2. Under the decentralization thought, the project side checks and balances the big households
The centralized mining pool and the growing wealth of large-scale households are a bit like a street mouse in the decentralization thinking. We have already seen Cosmos mention in the speech that the future may introduce a balanced big node income mechanism to promote Centralized, the income after a certain number of Staking thresholds will fall with the curve. The DAG project Dexon also has a similar large-node revenue mechanism. In addition, Polkadot proposes that if the monitored nodes are maintained by the same institution, such as a large mining pool, When the node is faulted by Slash, the penalty will be much higher than the personal maintenance node.
3. The threshold for node participation will be reduced, and the advantages of large nodes such as mine services will be diluted.
The cost of running a PoS node (except for the super node of DPoS) is not expensive. It only needs to rent a cloud server. The project side makes the node run easier in order to realize the idea of decentralization. Both Polkadot and Chian X refer to the future. Everyone can download and run the computer client maintenance node; Tezos mentions that it is as simple as an app to get rewards for future running nodes.
It can be foreseen that when the number of nodes rises, the income of the future mining pool will be diluted and relatively decreased, but this will not happen in a short time. Because there are more nodes in the current PoS consensus, the interaction of data transmission is a square level increase. It will slow down the stability and efficiency, so we can see that most of the initial nodes of the project are about 100. In the future, various underlying optimizations (such as consensus mechanism data compression) and 5G technology bring about communication changes, the basis of multi-node. The environment will be formed.
Revenue incentives and contributions are a close relationship and a game process. If bitcoin miners lose money for a long time, they will opt out. The more people exit, the more vicious circle will be formed, as will the PoS chain. Before these different dimensions can see the decline in revenue, can the node get a living fee through the number of transactions that the chain itself is booming, or develop its own business model to survive, if it can not be solved, the node will hold it by itself. The currency goes to postpone checks and balances to reduce the income of the community.
Foundation governance and community contribution
The traditional company form is the top-down task mode, and the blockchain project is the bottom-up spontaneous mode. Many project foundations have encountered a problem. How can I use the funds raised efficiently? How do I want to? Mobilize the spontaneous contributions of community members. In the PoS economy, the influence center of the community is one node after another. These nodes will continue to output influential articles and tools in order to win the Staking agent. As mentioned above, the community interests of the PoS consensus project are held together. The coin is consistent, and the contribution of the node can increase the influence to obtain Staking. The currency holder and the foundation make the project's popularity and progress more rapid because of the contribution of the node.
From this point of view, how to let the nodes make full use of their influence and their own technical ability is a direction that the foundation needs to explore. In the current model, the foundation will have a reward plan, and different teams can apply. As far as our experience is concerned, the foundations of the new projects are not working very well. Some foundations do not give clear goals, which leads the applicants to work in a different direction than the foundation wants, and the application process is opaque and Long, the applicant is in a confused state most of the time.
But you can also see some of the foundation's good performance. For example, the Polkadot team has written clearly the areas of their reward application, and the application process is quite clear, which will accelerate the promotion of the community; for example, Cosmos prepares the main online line. A Game of Stake contest was held, and the nodes were invited to participate in the test network attack network to find loopholes and fixes for the official. After the contest, Cosmos officially distributed rewards according to the performance of the nodes, and the foundation entrusted the tokens to the foundation. Contribute a large number of nodes and recommend to the community the outstanding nodes that can be trusted in the future, so that the nodes can get more benefits from Staking.
The number of Stakings obtained by the commission has a positive correlation with the contribution of the node. The commission is a long-term process, and the community contribution is also a long-term process. The foundation can support the nodes that continue to contribute to the community by entrusting the currency held by the foundation.
Voting governance brings out the future of the node role
Voting is a new right born in PoS. Every holder has the power to decide community development, but effective governance has always been a blockchain problem.
1. Low participation
2. Insufficient public understanding leads to a moderate vote
How to drive the holders to participate in voting and discussion is a complicated and cumbersome process. From the perspective of design philosophy, Tezos mentions the concept of Futarchy, and Cardano proposes liquidity democracy. It is a social experiment. From the perspective of participating roles, the PoS consensus Nodes are like members of parliament or public opinion in the real world. Because the nodes themselves have a certain influence, and at the same time they are distributed across regions and cross-linguistic areas, these influential nodes may become small center groups in the blockchain world, making the community More efficient, such as many nodes on the EOS will sort out the latest information and publicize the referendum to the holder.
In the real society, the representatives of public opinion have a certain basic income, so they can make a good contribution to the local or the country for a long time. At present, the node model with basic income in the blockchain society has not yet formed, but the foundation has already appeared. The mode entrusted to the excellent nodes, so that the nodes have a certain basic income.
Under the decentralization idea, the mechanism of the token issuance mechanism is not intended to allow the holders to obtain huge profits, but to maintain the most basic income of the nodes in a regulated situation.
If the node only has basic income, can the role of the node be realized through its own influence? Decentralization is a process in which a large center is broken and a small center is formed. These small centers are self-formed circles. After the development of the Internet, we discovered the long tail effect. After the development of the blockchain, are these The resulting small circle can also monetize the flow of the circle through influence.
Referring to some net red live broadcast and a lot of models, there was no small circle monetization mode, and now it is slowly realized because of the high adhesion of the circle. In the future, it is very likely that such an economic model will be born in the blockchain, and the node economy will radiate out the circle economy with different characteristics, in addition to the Staking profit brought by the simplest model through influence, future exchanges, brokers, Dapp The project party or the media may cooperate with the circle size and adhesion of the node. These third-party cooperation is focused on active traffic and influence, which allows the nodes with only basic income to have more exploration and influence. space.
The challenges brought by the PoS economy also require longer-term verification and development in the market. Whether the bottom-up and long-term decentralized economy can exist is actually very exciting. Welcome everyone to discuss with me.