Take Control of Cryptocurrency by Glenn Fleishman

Author:Glenn Fleishman [Glenn Fleishman]
Language: eng
Format: epub
Publisher: Take Control Books
Published: 2021-06-28T16:00:00+00:00

Proof of Space

Proof of work is terribly wasteful of electricity. What if we had a proof that was terribly wasteful of hard drives and SSDs instead? Enter proof of space, which uses evidence that one possesses storage space on a drive as a way to drive block creation and earn rewards proportionate to your storage relative to the network as a whole.

While not a popular method, it has had a real-world impact and is in use in multiple cryptocurrencies, including Burstcoin, Chia, and Filecoin, Sia, and Storj.

The mathematical proof requires computation that isn’t a puzzle per se, but the correct results for it can only be obtained by storing the full output of the proof.

The challenge laid is often that a proving node—one that wants to create blocks—claims it has computed a specialized kind of graph and at a certain size. Verifiers query for random values from the graph, which only the full storage would allow rapid retrieval of. The filled-out graph requires so much storage that there’s no good shortcut to answer random queries without effectively demonstrating that the claimed amount of storage is legitimate.

There are three variants:

Proof of storage requires uses the above mathematical challenge, but doesn’t have to retain the result for long.

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