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PROOF OF STAKE 101
TEXT
PROOF OF WORK
▸ Miners gather pending transactions into a block
▸ Perform tough mathematical calculations
▸ Essentially trying to solve a puzzle
▸ If you guess correctly, then your block is added to
blockchain
▸ You get rewarded
▸ Everyone starts over
PROOF OF STAKE
(CASPER)
TEXT
PROOF OF STAKE
▸ Validators run a node (virtual miner)
▸ Send a security deposit to a smart contract
▸ Will be a min, but will dynamically adjust
▸ Will take months to withdraw deposit
▸ Algorithm will randomly select a validator from pool
▸ Pool size will be consistent, but above 100
▸ Weighted by deposit size
TEXT
PROOF OF STAKE
▸ Engage in the process of placing bets on if blocks will be
placed on the blockchain in the future
▸ If you bet correctly, you get rewarded
▸ If you bet incorrectly you can lose some of your stake
▸ If you do bad things, you lose your stake and get kicked
out of pool
TEXT
PROOF OF STAKE
▸ Goal is to finalize key blocks called “checkpoints”
▸ Every 100th block
▸ In order for a block to be finalized you need 2/3 vote
▸ Once finalize, you can never go back
▸ Slashing conditions occur if two incompatible blocks are
finalized
TEXT
SLASHING CONDITIONS
▸ If A and B both have a parent C
▸ At least 1/3 of validators bet incorrectly
▸ Evidence can then be sent to Casper contract
▸ 96% of bad validator’s stake will disappear
▸ 4% goes to the submitter (finders fee)
TEXT
FINALITY
▸ Validator rewarded with X coins along every chain that
includes a block that you have bet on
▸ Y coins taken from validator for every chain that doesn’t
include that block
▸ “Finality” is determined by 2/3 of validators willing to bet
on a block that is large enough so that Y would be equal to
their total deposits
TEXT
STAKE
▸ Can lose all if…
▸ If you unfinalize a block
▸ Change your mind
▸ Can lose some if…
▸ Stake but don’t validate blocks
▸ Engage in bad betting strategy
TEXT
WHY PROOF OF STAKE?
▸ Finality
▸ Censorship is expensive
▸ Reduced centralization
▸ Reduction of energy costs of PoW
▸ Blockchain consumes the same energy as Ireland
▸ Can use regular laptop
TEXT
WHY PROOF OF STAKE?
▸ Fast transaction times
▸ Every node does not need to maintain the entire state of
the system
▸ Ability to use economic penalties to make various forms of
51% attacks vastly more expensive to carry out than proof
of work
TEXT
GOING FROM POW TO POS
▸ The Ethereum clients will be upgraded and know what
future block to switch over
▸ It will be a hard fork
▸ There will be issues around what that last block will be
TO BE
CONTINUED…

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Proof of Stake Talk - Buffalo Blockchain Meetup 4-18-17

  • 2. TEXT PROOF OF WORK ▸ Miners gather pending transactions into a block ▸ Perform tough mathematical calculations ▸ Essentially trying to solve a puzzle ▸ If you guess correctly, then your block is added to blockchain ▸ You get rewarded ▸ Everyone starts over
  • 4. TEXT PROOF OF STAKE ▸ Validators run a node (virtual miner) ▸ Send a security deposit to a smart contract ▸ Will be a min, but will dynamically adjust ▸ Will take months to withdraw deposit ▸ Algorithm will randomly select a validator from pool ▸ Pool size will be consistent, but above 100 ▸ Weighted by deposit size
  • 5. TEXT PROOF OF STAKE ▸ Engage in the process of placing bets on if blocks will be placed on the blockchain in the future ▸ If you bet correctly, you get rewarded ▸ If you bet incorrectly you can lose some of your stake ▸ If you do bad things, you lose your stake and get kicked out of pool
  • 6. TEXT PROOF OF STAKE ▸ Goal is to finalize key blocks called “checkpoints” ▸ Every 100th block ▸ In order for a block to be finalized you need 2/3 vote ▸ Once finalize, you can never go back ▸ Slashing conditions occur if two incompatible blocks are finalized
  • 7. TEXT SLASHING CONDITIONS ▸ If A and B both have a parent C ▸ At least 1/3 of validators bet incorrectly ▸ Evidence can then be sent to Casper contract ▸ 96% of bad validator’s stake will disappear ▸ 4% goes to the submitter (finders fee)
  • 8. TEXT FINALITY ▸ Validator rewarded with X coins along every chain that includes a block that you have bet on ▸ Y coins taken from validator for every chain that doesn’t include that block ▸ “Finality” is determined by 2/3 of validators willing to bet on a block that is large enough so that Y would be equal to their total deposits
  • 9. TEXT STAKE ▸ Can lose all if… ▸ If you unfinalize a block ▸ Change your mind ▸ Can lose some if… ▸ Stake but don’t validate blocks ▸ Engage in bad betting strategy
  • 10. TEXT WHY PROOF OF STAKE? ▸ Finality ▸ Censorship is expensive ▸ Reduced centralization ▸ Reduction of energy costs of PoW ▸ Blockchain consumes the same energy as Ireland ▸ Can use regular laptop
  • 11. TEXT WHY PROOF OF STAKE? ▸ Fast transaction times ▸ Every node does not need to maintain the entire state of the system ▸ Ability to use economic penalties to make various forms of 51% attacks vastly more expensive to carry out than proof of work
  • 12. TEXT GOING FROM POW TO POS ▸ The Ethereum clients will be upgraded and know what future block to switch over ▸ It will be a hard fork ▸ There will be issues around what that last block will be