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Or we could all switch to Ethereum, which will have Proof of Stake (low electricity costs) instead of Proof of Work (insanely high electricity costs) mining soo
by JohnJamesRambo 9y ago
Or we could all switch to Ethereum, which will have Proof of Stake (low electricity costs) instead of Proof of Work (insanely high electricity costs) mining soon.
- JustAnotherPat 9y agoPOS networks already exist. No need to way 3+ years while the Ethereum team reinvents the wheel.
- xtracto 9y agoSee PeerCoin ( https://peercoin.net/ https://peercoin.net/ ) which has been around for quite some time and has a POS/POW combination.
- runeks 9y agoHigh electricity costs needed to rewrite the blockchain is a feature of proof-of-work, not a bug. We could all switch to proof-of-stake, but then anyone would be able to create a valid-looking blockchain in a few minutes, and the only way to get the right chain would be to connect to nodes you know or trust, at which point a blockchain becomes meaningless in the first place. The challenge is about coming to agreement. Reaching agreement on information which determines how much money people own is hard. Proof-of-work reaches consensus by having a vote -- on which transaction history is correct -- constitute something that cannot be forged: energy.