NXT For Investors #24 – What Is Proof Of Stake In Nextcoin (NXT) vs. Proof Of Work In Bitcoin (BTC)

Tai: I’ll just repeat the question for him. Proof of work and proof of stake? That’s a very good question, I’m glad that you brought it up, I have some bonuses here in case I have time. Bonus nasty hurdle – Objections. When you come out with your product or service, you should anticipate in advance what the objections are going to be. The objection that we ran into with NXT is there’s no mining, there’s only forging, and the difference is this.

Forging does not produce new coin so a billion coins were made the day the source code was released and there was an IPO basically, and if you sent in your Bitcoin then you got x amount of that, a certain percentage depends on how many Bitcoins you sent into the inventor. How many of you guys think that’s risky, sending it to some guy in Russia somewhere or anything, everybody agrees that’s risky and if you were willing to take that chance, shouldn’t you be rewarded?

Now, those original 73 people that sent their Bitcoin in to get the software, the original source code developed. They got a percentage of the one billion NXTs. Because of that, a lot of people assumed that it’s pre-mined, even though there was no mining involved, there was only forging.

The difference between proof of work in Bitcoin vs proof of stake is that instead of you spending your money to go buy Gigahashes to hash the Bitcoin and secure the Bitcoin network. The NXT uses a proof of stake because they discovered that not everyone can go out and buy a Bitcoin miner. Can everyone here afford a 4-5 thousand, 20 thousand Bitcoin miner?

– No, not everyone can but everyone in this room can afford a dollar or 50 cent or 10 cents to get a stake, and the amount of stake that you have in the NXT network determines your ability to forge and secure the network and you get compensated for the transaction fee.

Once again, as I mentioned earlier about Bitcoin mining, if that’s not your speciality, you should not worry about that. If security is not the area of your expertise, leave that alone for people that are good at it, just be a user. Basically, proof of work depends on how many Gigahashes you have any proof of stake depends on how many coins you have.

A lot of people have complained they don’t like that because it feels pre-mined but you’re going to spend money to buy those Gigahashes or you can spend money to buy the coins. More Gigahashes you have over here, the more mining ability you have.  The more Nextcoin you have over here, the more that you can forge. Does that help answer your question?

A lot of people don’t think it’s fair because they’re just strictly there to mine the coin, and we didn’t want a group of people to run over to NXT, mine it and then as soon as Dogecoin comes out, take all their equipment and mine that, and then a new altcoin comes out and take their hardware over there and mine it.

We wanted a more stable and secure network because a new altcoin comes out, you’re not going to take your millions Nextcoin and run over there and try to mine them, it’s going to be used here. And it can be done on a computer, on a regular smartphone, by anybody. The purpose of the proof of stake was to eliminate a centralized mining process or a centralized area where they secure the network so everyone across the NXT community can secure the network no matter what type of computer or hardware that they have.

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