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1. ingoberlab (ingoberlab@gnusocial.net)'s status on Friday, 20-Jul-2018 04:06:14 EDT ingoberlab
   #blockchain PoW vs PoC oop ?
   
   ‘Proof of # https://gnusocial.net/attachment/1249738 Cooperation’ algorithm was introduced to #FairCoin and with this an energy-saving blockchain which facilitates cooperation instead of competition. With the innovative PoC algorithm block creation and network security is made by ‘Collaboratively Validated Nodes‘.
   
   #P2P
   
   @ekaitzzarraga may you add some light to ^^ ?
   
   
   https://fair-coin.org/en/ecological-blockchain-consensus1
   1. Ekaitz Zárraga 👹 (ekaitzzarraga@mastodon.social)'s status on Saturday, 21-Jul-2018 06:20:28 EDT Ekaitz Zárraga 👹

      in reply to

      @ingoberlab I think I can. Well, Bitcoin's PoW is based on a competition, miners needs to solve a problem as fast as they can. The first is the only one to take the incentive (a prize).

      The algorithm is basically choose random numbers until the SHA-256 of the block they are mining is smaller than the difficulty that the network choose. That's just a computational problem -> high energy consumption.

      FairCoin mines the blocks in a cooperative way... [Follows]

      1. Ekaitz Zárraga 👹 (ekaitzzarraga@mastodon.social)'s status on Saturday, 21-Jul-2018 06:23:52 EDT Ekaitz Zárraga 👹

         in reply to

         @ingoberlab [...] The cooperation is based on a Round-robin style. But this can only be done thanks to the architecture of FairCoin, where the miners are owned by well-known people in the FairCoin community (which has a lot of meatspace life).

         So, the round-robin like mining has also another point to reach consensus. If 7 miners are taking part, the miner who has to mine the block needs at least 5 signatures of the others. That way nobody is going to mine more than what the network accepts[...]

         1. Ekaitz Zárraga 👹 (ekaitzzarraga@mastodon.social)'s status on Saturday, 21-Jul-2018 06:26:46 EDT Ekaitz Zárraga 👹

            in reply to

            @ingoberlab [...] That architecture forces the FairCoin community to *really* know each miner owner in real life, because they need to receive the valid private keys for the mining.

            Energy consumption is obviously reduced, there's no high difficulty because there's no competition, the blocks are mined fast and the prize is really low (also the fees are decided by the community and they stay lower than a cent).

            The mining is just the network saying: "your turn".

            Did I explain it well?

            1. ingoberlab (ingoberlab@gnusocial.net)'s status on Saturday, 21-Jul-2018 08:53:29 EDT ingoberlab

               in reply to
               ^^ @ekaitzzarraga ... #FairCoin  's basics explanation is crystal clear