The function of mining is not limited to the PoW, it's also an arbitration mechanism for decentralized minting/scheduled inflation. The block reward incentiviz

The function of mining is not limited to the PoW, it's also an arbitration mechanism for decentralized minting/scheduled inflation. The block reward incentivizes participants. Why should I run a monitor node for this new cryptocoin? Who will allocate the coins and how? > Am I certain that I need strict global consensus? Perhaps not but IMO it makes things much simpler to design as a result.