Bitcoin uses proof of work to secure the network, Ripple uses a global consensus system and PPCoin uses proof of stake.
Are there any known alternatives to the above methods?
- 2in the ppc paper they talk about a 'proof of excellence' where all peers compete to solve a game. It is basically proof of work, buta better algorithm could score higher.placeybordeaux– placeybordeaux2013-03-20 19:33:59 +00:00Commented Mar 20, 2013 at 19:33
- @David Perry. This is a subtly different question than what you've suggested as a duplicate. This person is asking if there exist alternative distributed synchronization algorithms. The other question asks if the proof-of-work system can prove secondarily-useful work. There is a clear difference.Rooke– Rooke2013-03-21 03:50:36 +00:00Commented Mar 21, 2013 at 3:50
- @Rooke fair enough, I'll re-open it.David Perry– David Perry2013-03-21 05:08:59 +00:00Commented Mar 21, 2013 at 5:08
- possible duplicate of Is there a way to set up proof-of-work systems so it would be even more useful?Stephen Gornick– Stephen Gornick2013-09-28 15:40:44 +00:00Commented Sep 28, 2013 at 15:40
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3 Answers
Another alternative is proof of burn.
A really quick answer is this: The proof of work system is a solution to the distributed synchronization issue; in another guise it is called the Byzantine Generals' Problem. Thus, any solution to this problem is an acceptable alternative, however the proof-of-work solution is particularly suited to distributed systems.
You can read Satoshi Nakamoto's discussion of this here.
I have been researching on blockchain for sometime now and some of them I found are a mix of some existing and some proposed.
- Proof-of-Stake
- Proof-of-Burn
- Proof-of-Capacity
- Proof-of-Activity
- Proof-of-Checkpoint
Source: https://bytecoin.org/blog/proof-of-activity-proof-of-burn-proof-of-capacity/
- Link is dead. web.archive.org/web/20160304055454/https://bytecoin.org/blog/…cp.engr– cp.engr2018-04-22 21:59:06 +00:00Commented Apr 22, 2018 at 21:59