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> through wasting superlative amounts of energy and destroying the atmosphere It's true, Bitcoin does spend a lot of energy to provide proof-of-work, the under
by apeace 11y ago
> through wasting superlative amounts of energy and destroying the atmosphere
It's true, Bitcoin does spend a lot of energy to provide proof-of-work, the underpinning of distributed trust in the blockchain.
But you might find proof-of-stake[1] interesting. It requires far less energy--no repetitive hashing. It could also provide stronger protection against sybil attacks, requiring the attacker to spend far more in real terms in order to obtain a 51% stake.
The Ethereum blockchain is planning a move to proof-of-stake[2].
[1] https://en.wikipedia.org/wiki/Proof-of-stake https://en.wikipedia.org/wiki/Proof-of-stake
[2] http://ethereum.stackexchange.com/questions/9/why-does-ethereum-plan-to-move-to-proof-of-stake http://ethereum.stackexchange.com/questions/9/why-does-ether...
EDIT: Formatting
- brighton36 11y agoProof of stake has been around for decades in some form or another (Quorum based consensus was what it was originally called) Andrew Poelstra has compiled a pretty decent list of reasons why it's an uninteresting idea: https://download.wpsoftware.net/bitcoin/pos.pdf https://download.wpsoftware.net/bitcoin/pos.pdf (He's created other documents on the subject)