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Merge pull request #16 from marceltanuri/patch-1
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Update 06-Inherent-Centralization-of-PoW-blockchains.md
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peerchemist committed May 10, 2019
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Expand Up @@ -44,8 +44,6 @@ It should also be noted that miners may not personally have the interests of the

This may even lead to situations where miners act against the development of the network, favoring short-term rewards over long-term growth. In a severe case where miners refused to upgrade to the newest version of Bitcoin, other validation nodes were forced to start rejecting their new blocks; this caused miners that refused to upgrade to lose block rewards. Validators across the network held miners hostage financially, forcing them into a situation where they had to upgrade in order to continue earning money to pay for their mining operations.

This ability creates a sort of separation of powers where block validators on the network can force miners to upgrade the blockchain to a new version by rejecting their blocks and not providing them compensation. A better model however would be if the interests of both users and miners were aligned so that many of the toxic community disagreements between different factions were reduced, however a model like this is impossible with proof-of-work.

This ability creates a separation of powers where block validators on the network can force miners to upgrade the blockchain to a new version by rejecting their blocks and not providing them compensation. A much better model however would be where the interests of both users and miners were aligned so that many of the toxic community disagreements between different factions were eliminated. A model like this, however, is impossible with proof-of-work; only proof-of-stake which Peercoin operates on.

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