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> The blockchain offers characteristics (immutability, consensus, distributed backup) that allows entities to trust each other efficiently. Nope. All of these
by dullgiulio 9y ago
> The blockchain offers characteristics (immutability, consensus, distributed backup) that allows entities to trust each other efficiently.
Nope. All of these can be achieved without using proof-of-work which is terribly inefficient.
The parties would have to trust each other... but well, they have to in Ethereum too :)
- grandalf 9y agoProof of work allows participants to trust the ledger in a way that is enforced by cryptography, not by law. This creates a powerful deterrent for certain kinds of fraud and abuse. I agree that waste-heat-generating proof of work is inefficient, but that does not mean that no proof of work system exists where the work itself has some positive externalities.