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Absolutely! And even ‘proof of stake’ alternatives tend to degrade into ‘proof of work’ (citation required: unfortunately I’m on mobile and don’t have the link
by joosters 9y ago
Absolutely! And even ‘proof of stake’ alternatives tend to degrade into ‘proof of work’ (citation required: unfortunately I’m on mobile and don’t have the link to the relevant papers to hand!)
Note: Even basic forms of proof of ‘useful’ work, like using the heat from the miners’ CPUs, just act like a subsidy and push the cost of competitive mining further away, rather than making the blockchain more efficient...
- empath75 9y agoManaging a distributed ledger is useful work.
- DennisP 9y agoProof of stake degrades to proof of work if you don't have a solution to stake grinding and "nothing at stake," but recent proof of stake designs do. See for example the discussion here: https://github.com/ethereum/wiki/wiki/Proof-of-Stake-FAQ https://github.com/ethereum/wiki/wiki/Proof-of-Stake-FAQ