Proof Of History the latest Block Chain irritation

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Not too long ago I was excited as I thought dPoS was going to get a big shilling and a flood of investors enter as it was shaping up to be the next big craze. Unfortunately this seems to have come and pass and a new player is on the scene called Proof of History (PoH).

The concept isn't particularly new and was first developed in 2017 on the Luma network which is now known as Solana. Although the tech seems pretty secure its a bit of a wait and see from me. But I'm not a tech expert and maybe others can judge better than me.

What is Proof Of History (PoH)

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Unlike Proof of Stake (PoS) or Proof of Work (PoW) which require vast amounts of nodes working in unison which also may lead to delayed transactions especially if one node goes off line and if someone owns 51% of hash rate or node they can reverse transactions. Proof of History works in a fully Decentralised manner.

First or all Time plays a big roll in block chain tech and is what kind of runs the sector. To undertake a transaction for example when you purchase, send or receive a token for example bitcoin a time stamp is also issued. The way it moves about the block chain is that the majority of node operators need to validate it.

They do this by reading the hash and the timestamp and if it is agreed upon that Joe Blow sent/bought/receive bitcoin from X at say 0900 hours and all the validators approve it, it transacts. Which is what makes 51% attacks a scary thing. If someone holds the majority of hash power they can undo these transactions. But it is also what causes significant delays as validators scramble to check with each other that the transaction is a legitimate one until the entire network can confirm that the transaction is real. The busier a network gets, the longer it takes.

Still confused?

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Let's pretend that there was only one Bitcoin ever minted and let's call this Bitcoin A. Everytime A moves from one person to another an entire network of computers are watching it and are tracking its entire movement.

In order from A to get from Person 1 to Person 2 the majority of the computers in the network need to see it happen and keep a record of it otherwise A isn't going anywhere.

This is to ensure that there can only ever be one A. Then a record of A's movements is kept and stored publicly. Once A moves again all the networks will see the previous records, confirm it is the real A and then again watch it move and store its new location.

Proof of History still works with time this way but it has an agreed upon medium time and you don't need a unified response. Which no doubt I'd anticipate could cause issues in the future. )Still not sure if someone has a faster ASIC if it will impact the system, but will get to that a little later).

On Proof Of History networks each node has its own clock which is unified with the block chain. And instead of a hash having a time that everyone needs to verify the hash on a Proof Of History block chain has it's own timing sequence.

Using the example of A above if someone sends A to someone else it's travel through the block chain is logged and moves instantly. Say A moves between four validators to get to its destination it starts its journey as A then moves to Validator 2 and becomes A1 then onto third validator as A3 and finally to its destination it becomes A4. This information is all stored and then passed onto the broader network whom now have a record of something occuring. So if A shows up for validation they know which A to look for.

Solana explains it well in this video

Bitcoin transactions

Solana isn't the only network to do this Bitcoin lighting has just implemented it which significantly reduces bitcoin transaction fees.

This is an exciting moment in block chain technology as Bitcoin now has a Layer 2 code operating ontop of it's network and its only a matter of time before smart contracts are released and with it taking out Ethereum and other block chains.

Why buy anything else if bitcoin becomes cheap to transact and can do everything everyone else can? Source

So many questions

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I have so many questions and I'm quiet weary of this technology. But the first thought that comes to mind is what if someone tampers with the time of their node or has a faster ASIC. Will they be able to undertake what is called a 51% attack?

Or what if someone holds a number of nodes and transfers false transactions through each other without the rest of the network knowing until the data is uploaded after the fact? What happens to the duplicate transaction?

I can see someone speeding up a node or two and double sending a token but to two different locations. Although it's stated it can't happen, if you had enough AISCs running a few seconds faster than everyone else it could.

There's a really good tech update here for those more in the know happy to get your thoughts on it. You can read it Here

Images sourced from canva pro subscription

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(Edited)

My mind is blown. I like DPoS because hive.

And because of what alot of the big boys on here say about it.
Speaknetwork is gonna be huge

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Yup, want to make sure you have plenty of Hive for the airdrop!

I quite like speaknetwork and use it.

Proof of History seems good but have alot of questions.

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I think its still confusing. It seems like time is a huge issue and internet outages or just slight discrepancies can cause huge issues.

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I don't have the deep understanding of how POW, POS, or the recent POH works. But for me, the more the better. It gives people a choice to try things out in different ways.

And I am sure, with the test of time, the best one will survive🙂

Thanks for sharing this knowledge. I have a bit better understanding of how POH works now🙂

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