How to make PoS system work?
In a r/bitcoin I've found the following statement:
I think it should be noted that this paper covers a "pure" PoS system, but there have been some hacks to PoS systems to make them "work" (work while being insecure). These hacks include having a central authority control the coin (peercoin, blackcoin, and a ton more), making grinding more difficult but certainly not impossible along with making buying old private keys to attack difficult through having a centralized premine that makes the currency insecure to attacks from a central authority (NXT), or even making the next block signer deterministic, which solves stake grinding by substituting the problem with a problem that is probably much bigger, colluding delegates. , this also doesn't solve the problem of people rewriting history (bitshares).
Could one explain in details how to protect PoS system using full pre-mine and a central authority? Will the system be theoretically secure or still not?
http://ift.tt/2hxuegK
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