Chia is Proof of Work notarized through space/time evidence. Change my mind.
Kind of. The difference between this and pure proof of work is that in a pure proof of work scenario, you are given a task, you have to perform that task right then and give them the results to get credit for the work. With this proof of space/time you do the work once to create the plot. Then all you have to do is keep saying “here it is”. I guess I’m not arguing your statement. Because what you are stating is basically a term to define what it is. But the benefit over time compared to proof of work is pretty big. The power needed to plot is not even close to even a basic proof of work system.
Plotting is proof of work, but you forget something important … if you are not 100% synchronized on the chia network, and if the reading time to validate your block is not enough, you will not get any chia.
But when responding to a proof search, you aren’t really doing the “work” necessarily, you are just confirming that you did the work at one point. There is some work involved in that process, but not much.
You spend a tiny amount of time constructing a plot file (4-24 hours), and then an enormous amount of time (weeks, months, years) farming that file. So it’s proof of space.
It’s a good point, it looks beautiful at first … but after you lose sync with the network, you need hours/days to revalidate everything and synchronize with the network.
It’s one thing for the other, and in the end what matters is … is it worth investing in the network with all the bugs?
Bugs will be fixed, I believe no software first introduced has no bug ever.
My friend, I am a developer and the issue here is not to solve code problems, but the attitude of those who control the Chia project and how toxic it is for us who are investing in the project.
I understand your frustration, that person reported in this post Chia is going wrong way CENSORSHIP, bans for nothing - General Chia Discussion - Chia Forum seem like an a**. I hope they can realize and fix that attitude soon, or they will lose the community. I really like reading chia forum, everybody is very helpful here.
I highly doubt that they change their posture, due to the founders’ own history, I think believing in Chia at the moment is believing that the Chinese will raise the coin and control it by the force of money.
But isn’t the space just an echo of the proof of work? You can’t get the space configured right without without doing the work.
Let’s imagine PoS without PoW. In that case you could maybe just buy a digital certificate from the drive manufacturer that asserts you claiming owning the space. But then why produce the drives (space) at all since they would never actually figure in the process?
You need the PoW by proxy of the space configuration. The time does indeed enter the equation, because the rewards are distributed in an iterative and probabilistic model over time. The configuration not just proves that it exists and hence constitues the PoW, but also that it still exists and hence the Proof of Time.
That’s the full and correct explanation about the whole process surrounding chia. The only issue still: is Chinese pools going to unite in order to control the price/ rewards? If what they’re trying to do really show some results, a lot of small pools will be disappointed. But let’s stay positive and see how it’s gonna be. Good luck everyone!