Crypto Terms:
Letter P
What is Proof-of-Spacetime (PoSt)?
Meaning:
Proof-of-Spacetime (PoSt) -
a mechanism used to prove that someone has dedicated a certain amount of space for storage.
Let's find out Proof-of-Spacetime (PoSt) meaning, definition in crypto, what is Proof-of-Spacetime (PoSt), and all other detailed facts.
Proof-of-Spacetime (PoSt) is a mechanism used by storage miners to prove that they are using their storage space for unique network data. PoSt is commonly used on the Filecoin blockchain.
Proof-of-Spacetime shares similarities with the Proof-of-Capacity mechanism. Under both mechanisms, the participants require financial incentives to participate in the network. If they actively harm the network, they yield no benefits.
Unlike Proof-of-Capacity, storage miners using the PoSt mechanism must prove that they are physically storing network data within a certain timeframe. Miners are chosen randomly and their data is read to verify the network data.
According to Tal Moran and Ilan Orlov, developers of the Proof-of-Spacetime mechanism, the process is considered to be a Rational Proof-of-Spacetime as the storage costs are proportional to the product of storage capacity and the timeframe when it’s in use.
Proof-of-Work (PoW)<\/strong><\/a>. It essentially has a network of validators who have to stake native tokens of a certain blockchain to be able to validate and create new blocks. Validators get block rewards for their work.<\/p>\n<p>By confirming blockchain transactions, PoS prevents the occurrence of double counting, which happens when the same token is used for more than one transaction. It’s quite easy to spot double counting<strong> in a centralized environment<\/strong> (e.g. a bank overseeing fiat money), but with decentralized systems (e.g. cryptocurrencies) it would be really hard to do without PoS or any other consensus mechanism for that matter.<\/p>\n<p>Many experts believe that <strong>PoS is substantially more energy-efficient and secure than PoW<\/strong>, even though some skeptics challenge the validity of these claims. In fact, miners under PoW sometimes even need to sell their coins to pay for their energy bills. In terms of security, because of the structural way PoS ranks compensation, it is less prone to cyberattacks.<\/p>","definition":"a consensus mechanism used to ensure the blockchain's integrity.","status":"published","meta_title":"What is Proof-of-Stake (PoS)? Definition & Meaning | Crypto Wiki","meta_description":"Proof-of-Stake (PoS) meaning: Proof-of-Stake (PoS) - a blockchain consensus process that ensures the blockchain's integrity.","meta_keywords":null}"
:prev-section="{"id":630,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Consensus_decision-making","level":"easy","author_id":1,"created_at":"2023-06-19T06:59:00.000000Z","updated_at":"2023-11-23T15:09:34.000000Z","slug":"what-is-proof-of-replication-porep","title":"What is Proof-of-Replication (PoRep)?","section":"P","keyword":"Proof-of-Replication (PoRep)","content":"<p><strong>Proof-of-Replication (PoRep)<\/strong> refers to <strong>the process of providing proofs to the network where the storage miner demonstrates their unique copy of a piece of information<\/strong>. This term is commonly used in Filecoin which is a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-decentralization/">decentralized and blockchain-based data storage platform. <\/p>\n<p>Network participants become storage miners so they could reap the rewards for providing extra storage space. In order to confirm that everything is proceeding according to the rules, proof-of-replication was introduced. PoRep allows the storage miner to prove that the space is utilized to store copies of data and that nothing else is stored in said storage space. With this system in place, PoReps are utilized in <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-proof-of-spacetime-post/">proof-of-space (PoS)<\/strong><\/a> systems, and the above-mentioned data can be easily recovered. <\/p>\n<p>PoReps ensure that the data won’t be lost in case of issues with <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-node/">nodes thus ensuring resilience. However, proof-of-replication has received some critiques based on its excessive <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-bandwidth/">bandwidth usage since each time a new node is added to the redundancy pool, a copy of the data has to be transmitted.<\/p>","definition":"is a type of proof a storage miner has to provide to show the network that they have a replica of information or data.","status":"published","meta_title":"What is Proof-of-Replication (PoRep)? Definition & Meaning | Crypto Wiki","meta_description":"Proof-of-Replication (PoRep) meaning: Proof-of-Replication (PoRep) - is a type of proof a storage miner has to provide to show the network that they have a replica of information or data.","meta_keywords":null}"
:model="{"id":616,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Proof_of_space","level":"easy","author_id":1,"created_at":"2023-06-19T06:59:00.000000Z","updated_at":"2023-11-23T15:04:10.000000Z","slug":"what-is-proof-of-spacetime-post","title":"What is Proof-of-Spacetime (PoSt)?","section":"P","keyword":"Proof-of-Spacetime (PoSt)","content":"<p><strong>Proof-of-Spacetime (PoSt)<\/strong> is a mechanism used by <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-are-storage-miners/">storage miners<\/strong><\/a> to prove that they are using their storage space for unique network data. PoSt is commonly used on the Filecoin blockchain.<\/p>\n<p>Proof-of-Spacetime shares similarities with the <strong>Proof-of-Capacity<\/strong> mechanism. Under both mechanisms, the <strong>participants require financial incentives to participate in the network<\/strong>. If they actively harm the network, they yield no benefits.<\/p>\n<p>Unlike Proof-of-Capacity, storage miners using the PoSt mechanism must prove that they are <strong>physically storing network data within a certain timeframe<\/strong>. Miners are chosen randomly and their data is read to verify the network data.<\/p>\n<p>According to Tal Moran and Ilan Orlov, developers of the Proof-of-Spacetime mechanism, the process is considered to be a <strong>Rational Proof-of-Spacetime<\/strong> as the storage costs are proportional to the product of storage capacity and the timeframe when it’s in use.<\/p>","definition":"a mechanism used to prove that someone has dedicated a certain amount of space for storage.","status":"published","meta_title":"What is Proof-of-Spacetime (PoSt)? Definition & Meaning | Crypto Wiki","meta_description":"Proof-of-Spacetime (PoSt) meaning: Proof-of-Spacetime (PoSt) - a mechanism used to prove that someone has dedicated a certain amount of space for storage.","meta_keywords":null,"author":{"id":1,"user_id":1,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2023-05-11T07:18:20.000000Z","title":"Editor-In-Chief","slug":"aaron-s-editor-in-chief","description":"<p>Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.<\/p>\n<p>With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\n<p>Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\n<p>Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","image_id":2641,"referral_token":"05TMu2NysXOCn525","referred_by":null,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-01-09T15:22:21.000000Z","full_name":"Aaron S."}}}"
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current-chapter="P"
current-section="what-is-proof-of-spacetime-post">
