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When will it ever be efficient? All blockchains rely on re-computing the same transaction across many different entities due to mistrust. However, despite the
by mrep 9y ago
When will it ever be efficient?
All blockchains rely on re-computing the same transaction across many different entities due to mistrust. However, despite the common sentiment that computers are cheap; at scale, the are definitely not. Every additional computation to validate something increases the cost of business and 99% of businesses are cutthroat when it comes to cost.
Add in the other downsides/costs of crypto.* (my insights on the downsides of blockchain specifically: hard to use, one way transactions, high transfer costs due to low block size, super easy to get hacked and lose all your money...) and it's no wonder they are all failing.
99.999% of the time, the costs outway the benefits.
- bhouston 9y agoThere is proof of stake algos coming that make it efficient.
- spookthesunset 9y agoProof of stake is something that "has been coming along" for years now. Sounds like vaporware to me.
- darawk 9y agoProof of stake is implemented in tons of coins already.
- tylersmith 9y agoPoS does not have anything to do with all nodes having to validate transactions. You're looking for sharding.
- darawk 9y agoProof of stake and the contents of this paper are solutions to that exact problem.