dido:public:ra:xapend:xapend.k_consensus:02_mechanism:poc
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dido:public:ra:xapend:xapend.k_consensus:02_mechanism:poc [2021/07/18 16:03] nick |
dido:public:ra:xapend:xapend.k_consensus:02_mechanism:poc [2021/08/13 15:37] (current) murphy |
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| [[dido:public:ra:xapend:xapend.k_consensus:02_mechanism:start | Return to Consensus Mechanism ]] | [[dido:public:ra:xapend:xapend.k_consensus:02_mechanism:start | Return to Consensus Mechanism ]] | ||
| - | **Proof of Capacity (PoC)** is a consensus mechanism algorithm used in blockchains that allow for mining devices in the network to use their available hard drive space to decide mining rights and validate transactions. This is in contrast to using the mining device’s computational power (as in the Proof of Work (PoW) algorithm) or the miner’s stake in the cryptocurrencies (as in the Proof of Stake (PoS) algorithm). | + | The definition is provided by Hayes(( |
| + | Adam Hayes, | ||
| + | Investopedia, | ||
| + | __Proof of Capacity (Cryptocurrency)__, | ||
| + | 29 June 2021, | ||
| + | Accessed: 18 July 2021, | ||
| + | [[https://www.investopedia.com/terms/p/proof-capacity-cryptocurrency.asp]] | ||
| + | )): | ||
| - | PoC emerged as one of the many alternative solutions to the problem of high energy consumption in PoW systems and cryptocurrency hoarding in PoS systems. | + | **Proof of Capacity (PoC)** is a consensus mechanism algorithm used in [[dido:public:ra:xapend:xapend.a_glossary:b:blockchain|blockchains]] that allow for [[dido:public:ra:xapend:xapend.a_glossary:m:mining|mining]] devices in the network to use their available hard drive space to decide mining rights and validate transactions. This is in contrast to using the mining device’s computational power (as in the [[dido:public:ra:xapend:xapend.a_glossary:p:proof_of_work|Proof of Work (PoW)]] algorithm) or the miner’s stake in the cryptocurrencies (as in the [[dido:public:ra:xapend:xapend.a_glossary:p:proof_of_stake_pos|Proof of Stake (PoS)]] algorithm). |
| + | * **Note:** PoC also includes variants such as **Proof of Space (PoSp)** and **Proof of Storage (PoSt)**. | ||
| + | |||
| + | PoC emerged as one of the many alternative solutions to the problem of high energy consumption in PoW systems and [[dido:public:ra:xapend:xapend.a_glossary:c:cryptocurrency|cryptocurrency]] hoarding in PoS systems. | ||
| PoC allows the mining devices, also known as nodes, on the blockchain network to use empty space on their hard drive to mine the available cryptocurrencies. | PoC allows the mining devices, also known as nodes, on the blockchain network to use empty space on their hard drive to mine the available cryptocurrencies. | ||
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| To draw an analogy, if lottery rewards are based on matching the most numbers on the winning ticket, then a player with a longer list of possible solutions will have better chances of winning. Additionally, the player is allowed to keep using the lottery ticket block numbers again and again repeatedly. | To draw an analogy, if lottery rewards are based on matching the most numbers on the winning ticket, then a player with a longer list of possible solutions will have better chances of winning. Additionally, the player is allowed to keep using the lottery ticket block numbers again and again repeatedly. | ||
| - | The proof-of-capacity protocol involves a two-step process that involves plotting and mining. | + | The proof-of-capacity [[dido:public:ra:xapend:xapend.a_glossary:p:protocol|protocol]] involves a two-step process that involves plotting and mining. |
| First, the hard drive is plotted: the list of all possible nonce values are created through repeated hashing of data, including a miner’s account. Each such nonce contains 8192 hashes, which are numbered from 0 to 8191. All the hashes are paired into "scoops," which means adjacent hashes are combined to form a pair of two. For instance, hash 0 and 1 constitute scoop 0, hash 2 and 3 constitute hash 1, and so on. | First, the hard drive is plotted: the list of all possible nonce values are created through repeated hashing of data, including a miner’s account. Each such nonce contains 8192 hashes, which are numbered from 0 to 8191. All the hashes are paired into "scoops," which means adjacent hashes are combined to form a pair of two. For instance, hash 0 and 1 constitute scoop 0, hash 2 and 3 constitute hash 1, and so on. | ||
dido/public/ra/xapend/xapend.k_consensus/02_mechanism/poc.1626638586.txt.gz · Last modified: 2021/07/18 16:03 by nick
