updated with more info (#33619)
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Christopher McCormack
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@ -122,6 +122,13 @@ In this more well-known protocol, miners compete with each other to solve a math
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In proof of stake, the network is secured via network participants staking or wagering their coins. If network participants misbehave, they will lose the coins that they staked. As a reward for properly securing the network, stakers will periodically receive a small amount of coins relative to how many coins they put up for staking. Instead of competing to solve a difficult math problem to validate blocks, block validators under proof of stake are randomly chosen. Proof of stake is typically significantly less energy-intensive than proof of work.
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## Permissionless Blockchains
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Rather than imposing barriers to entry, permissionless blockchains are public and open for anyone to join. Since such networks can reasonably expect all kind of agents - including malicious actors - the key lies in incentivizing good behavior in a critical majority of the network, such that:
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- The malicious actors cannot take over the network through an escalated attack.
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- The malicious actors cannot collude to undertake an organized majority attack on the network.
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- The payoffs of securing the network are consistently higher than the cost of attacking the network.
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- The cost of attacking the network is prohibitively high.
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### Background History on Origins of Cryptocurrency:
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[Blockchain Origins Story](https://www.activism.net/cypherpunk/manifesto.html)
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Cypherpunks, crypoanarchists, and libertarians paved the way for the right to privacy and deregulating the government's control and diminishing individual citizen's autonomy.
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