In simplest terms, PoSt means that someone can now guarantee that they are spending a certain amount of space for storage.
What Is Proof-of-Spacetime (PoSt)?
PoSt, usually used in reference to Filecoin, proves that a storage miner is continuing to store a unique piece of data for the network. It is similar to proof-of-capacity in several ways: they both require participants in the network to have a financial incentive to participate honestly in the network and have no benefit gained by harming the network. However, PoSt differs in that it lets network participants show that they have been physically storing data over a certain period of time. This is proved as randomly chosen miners will be selected and have their data read for verifications.
According to the creators of proof-of-spacetime, Tal Moran and Ilan Orlov, this is called the “’Rational Proofs of Space-Time because the true cost of storage is proportional to the product of storage capacity and the time that it is used.”
Proof of Stake vs Proof of Spacetime
On the other hand, Proof of Spacetime is specifically designed to incentivize users to store data on the blockchain. It rewards users for storing data on the blockchain for an extended period of time. This is done by requiring them to lock up a certain amount of coins in exchange for the right to store data on the blockchain. The main advantage of PoST is that it encourages users to store data on the blockchain, which is beneficial for the network as a whole.
In conclusion, both PoS and PoST are viable consensus protocols that can be used to securely and trustlessly reach consensus on the state of a blockchain and its transactions.