The one and only fair weight proof of stake…
We decided to take a different approach that we will call “Fair-Weight”. We simply decided to cap the total number of coins that are allowed to count towards the stake weight of any single stake attempt to 100,000 NET. We would also ensure this rule was enforced by the protocol and applied by the peers when validating another users stake attempt.
If in future a single user or entity manages to obtain tens of millions of NET by any means, their staking weight behaves as though they had just 100,000 NET. In other words, everybody with 100,000 net or more is playing the staking game on a level playing field. You might try to remove this limit in the source code, and make a new wallet, but the network peers will still apply the limit and reject your attempt to stake.
This also means we do not need to implement the block-splitting mechanism that has dogged the performance of so many other POS coins.
Then you also have to remember, that regardless of what happens with POS block staking, there is a parallel POW mining mechanism that is also constantly competing with the POS mechanism to sign the current transactions.
As far as we know, this ‘Fair Weight’ idea has never been done before.
Removing block-splitting and enforcing a hard coin-value limit in stake-weight is a fundamental change from the original POS code, but it makes complete sense, and does exactly what block splitting was trying to achieve in the first place. It creates the level playing field on which all the premier league coin holders can play their staking game.
or read on why we feel Netcoin’s POS should set the standard for a true fair POS today.
Check out the live market price for fair weight below