Experiences with proof of personhood method for cryptocurrencies?
What is the benefit of the proof of personhood method?
Do you know some cryptocurrencies which uses this method?
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ANSWERS: 1
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Proof of Work, Proof of Stake or Proof of Personhood are different methods by which participants in a blockchain reach consensus on the blocks to be included. In PoW, consensus is reached through work. Mining is a collective effort here, but only the person who generated the block first gets a reward. Bitcoin is based on proof of work. However, the computing power has been so high for some time that the network mainly consists of professional miners and mining pools. Besides putting individual participants at a disadvantage, PoW also results in high power consumption. With PoS, new tokens are unlocked by mere possession in a wallet. So if someone owns 1% of cryptocurrency, they can validate 1% of all trasactions. Depending on the stake, the chances of being randomly selected for a reward increase. However, with Proof of Stake, there is a big problem with early investors holding a large percentage of the total amount of coins. Thus, in the worst case, they can have control over the network and not only exclude transactions or participants, but also change the consensus rules. PoS is more energy efficient than PoW. For example, Ethereum wants to switch from PoW to PoS. With PoP, there is a new approach to reaching consensus that relies on grassroots democracy. All participants have an equal chance and opportunity to contribute to the functioning of the protocol and receive a correspondingly equal number of rewards. An example of a cryptocurrency based on Proof of Personhood is Idena. With PoP, the method ensures that there is only one human person behind each user. At the same time, no hardware that pollutes the environment is required for participation.
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zynober I already know how it works. I was just reading about proof of personhood and was wondering if there are already cryptocurrencies that use this protocol and if so, which cryptocurrencies this are. Is proof of personhood always more democratic or does it not also depend on the concept of the coin? I checked out Idena and did some research. You didn't have to do it as democratically as Idena do. You could also say that older members get more rewards. For example, like a loyalty bonus. I find the concept exciting and interesting. I'll deal with it more and also want to take part in the next validation. Apparently you need an invitation to do that. Do you know how to get it? Are you a member there too? -
philosophers stone I have invested in several cryptocurrencies in the past, but IDNA is the only one in my portfolio so far that is based on Proof of Personhood. So I can tell you more about how it works with this cryptocurrency. But I don't know if Proof of Personhood has strong democratic aspects with other currencies as well. I think, like you, that it can be designed differently. If you want to join Idena, you don't necessarily have to buy coins. You can also participate in validations. It's less complicated than you might think. The validation currently takes place every 3 weeks. Time and date can always be found on the homepage. To participate, you need to create an account on the homepage. Then you need an invitation from active members of the Idena community. You can get such an invitation via Telegram, for example. The account and key make it possible to participate in the validation and to solve and check puzzles during a test. These picture puzzles ensure that there is a human thinking person behind each account. At the same time, it is prevented that one can participate in the validation with several devices at the same time.
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zynober First i would like to take part in the validation and after seeing how everything works, I will think about investing. But first i would like to know a little more about it and try everything out how it works. I'll take care of getting an invite. There is an Idena node and a web app - are there any differences or can i use both? I watched the videos on the website and on Youtube. The tasks should be doable. So you get IDNA for solving these tasks? Is there a limit how much Validation you can do or is there a limit of how much Coins you can collect by passing the Validation?
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philosophers stone I understand that, that you want to gain insight first before you decide to invest. I have noted in my schedule that the next validation will be in a week. If you have already read something about Idena and even copied clips on youtube, I'm sure it won't be a problem for you. Just remember that you need an invitation code in time! When you participate in a validation, you get a reward in the form of IDNA. If you mine for the Idena Blockchain, you can get more rewards. Limits exist only insofar as each user can only mine on one device at a time, since each account must be validated. But that is also one of the advantages of PoP over PoS, in my opinion.
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zynober I've already gotten an invite. It's already activated. I'm very excited and I hope everything goes well. I'll see how much IDNA I can get after validation. I don't have my PC running all day, so I'd rather mine infrequently. I want to focus on achieving human status. Then I'll see what I do. yes, that's right. otherwise certain people would have an advantage. If the validation expires at the same time everywhere in the world, you cannot participate in it in other time zones.
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philosophers stone There is also a nice sense of togetherness when validation is always completed by all members worldwide at the same time. The time was also specially chosen so that most people in most countries are awake and do not have to set an extra alarm clock. If you already have your invitation code, you are probably in the Telegram group, right? There you can also read how the community communicates with each other!
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zynober Yes, I am also in the telegram group. You learn a lot, but I looked for more precise information on the homepage and watched videos on YouTube about Idena. I can imagine that there is a feeling of togetherness. If you are involved in such a project relatively early on, you can also contribute a little to ensure that the project continues to grow and be successful. I think that motivates a little bit apart from the financial aspect.
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philosophers stone I also believe that it's not just about money, but also about values. The established global financial system has very many weak points. For example, the extremely unfair distribution of wealth and power. I don't want to say now that effort should not be paid. That is absolutely important! But I think the difference between poor and super-rich people shouldn't be so great. And I take a critical view of the fact that a lot of power goes hand in hand with a lot of wealth. That's different with Idena. The cryptocurrency is truly decentralized and democratic. And the principle that every vote counts equally remains intact, even if the community grows.
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zynober Of course, you are right. It will be difficult to correct this mistake with a relatively new cryptocurrency. But hope dies last. In any case, I find the project very interesting and will invest some time in it. I try to take part in the next validations and then you will see where the journey is going. With a little luck it will be the next big thing :)
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philosophers stone A little luck is always part of the game. But I also think that right now, when the crypto market is shaken, opportunities will also arise for previously undervalued cryptocurrencies. If you believe, as I do, that cryptocurrencies have great future potential, now is probably not a bad time to expand and add to your portfolio. All the best to you!
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