Have been working as Nxt developer for few months(and investigating cryptocurrencies before) I see a lack of understanding of proof-of-stake currencies and Nxt as well amongst many developers in the industry. To change this to a better I’m starting two blog series:
Inside a Cryptocurrency
You could read the series title as “Inside a PoS Cryptocurrency”. In Proof-of-stake(PoS further) currencies right to generate a block out of unconfirmed transactions is given to stakeholders, not miners, and chance of generation is proportional to an actual balance. PoS has many pros: probably faster block generation, less energy footprint, 51% stake is usually more expensive than 51% mining power so PoS currency could be more secure etc. On other side, there are some issues, the most known is so-called “Nothing-at-Stake”. Unlike previous attempts, I will describe Nothing-at-Stake attack in most formal way to the moment.
Articles in this series will be about very simple account-based proof-of-stake cryptocurrency model with code examples in Haskell. The model is exctracted from Nxt, but true for other 100%-PoS currencies I know.
Second series will contain shorter articles about NRS(Nxt Reference Software), it’s interaction with outer world, my https://github.com/kushti/NxtScala. Also I would like to give out some information for those who willing to contribute and some critics for sure!
Frequency & Contribution
I’ll post one or two articles per week probably in “Inside a Cryptocurrency”. I would be happy if someone could helps me with schemes or very simple pictures drawing. I don’t sure about “Inside Nxt” updates schedule at the moment.