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Proof-of-work coin mining is a scourge on the environment and the PC component market.
by hughes 8y ago
Proof-of-work coin mining is a scourge on the environment and the PC component market.
- kinghajj 8y agoBut IIRC still more secure than proof-of-stake systems.
- jMyles 8y agoTranscoding videos is a scourge?! I mean, maybe you think their choice to deploy as an ERC20 was a bad choice; fine. But they're not adding any additional computation to the environment. I don't understand how it's possible to think that LivePeer is bad for the environment without thinking the same thing about, for example, Elastic Transcoder. Your comment reads like a non-sequitur to me.
- wmf 8y agoPresumably hughes is just making a knee-jerk comment about how 99% of PoW systems are doing useless work. Personally I am very skeptical of any system that tries to do proof of useful work like transcoding; it seems vulnerable to cheating.
- jMyles 8y agoLivePeer uses the Truebit protocol for this. I'm not familiar with the nitty-gritty, but video transcoding seems to me to be something that can be verified much, much more cheaply than performed. FWIW, I think they're already launched, so do feel free to break it.
- ericxtang 8y agoHi wmf - I work on Livepeer, happy to clarify on some of the skepticism here. Livepeer uses cryptographic signatures to prove authenticity of the video transcoding results, and that signature can be used as proof to punish cheaters (if you signed the result, you are responsible for the correctness - and since it's easy to validate whether the transcoding is done correctly, anyone can use that signature to punish you by taking away your stake). If no one cheats, no one gets punished. Since the cheater doesn't know how many people are monitoring the results, their best strategy is to be honest.
- jMyles 8y agoHey ericxtang. I've met your boy Phillip a few times (that's how I found out about LivePeer) - solid guy. Very good ambassador for your project and all that it can mean for the world.
- gjs278 8y agoit pushed computing/cooling/energy performance forward and it's not bad for the environment. >Iceland, which is another hot spot for Bitcoin miners, makes use of 100 percent renewable geothermal and hydropower energy sources. The clean energy researcher explains that in this case, the energy demand for miners is almost irrelevant to the health of the environment.