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1. There is no proven alternative to Proof-of-Work. No, not even Proof-of-Stake: https://download.wpsoftware.net/bitcoin/pos.pdf https://download.wpsoftware.net
by VMG 8y ago
1. There is no proven alternative to Proof-of-Work. No, not even Proof-of-Stake: https://download.wpsoftware.net/bitcoin/pos.pdf https://download.wpsoftware.net/bitcoin/pos.pdf. Most PoS fans admit this.
2. Thanks to second-layer scaling solutions, there can be arbitrarily many off-chain transactions powered by an on-chain transactions. For more information, visit http://lightning.network/ http://lightning.network/
3. Bitcoin was not invented as a cheap transaction medium, although it was mistakenly marketed as such for a long time. It was invented to serve as a uncensorable sound money. The cost calculation needs to reflect that aspect, otherwise we are measuring the aerodynamics of a tank.
- tim333 8y agoOroborus proof of stake is kind of proven on paper https://eprint.iacr.org/2016/889.pdf https://eprint.iacr.org/2016/889.pdf And bitcoin proof of work isn't that perfect. Over 50% of the hash power is with a few guys in China so they could hack the system if they wanted to.
- VMG 8y agoNo they can't "hack" the system - they can try do a double-spend, but it would be very expensive. The cost is proportional to chain length. What's the cost of creating a parallel chain in "Oroborus" as a function of chain length?
- deleted 8y ago[deleted]