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Well, renewable energy exists in many places where it cannot otherwise be utilized, due to the cost of energy transmission, so PoW could utilize those sources,
by CryptoPunk 6y ago
Well, renewable energy exists in many places where it cannot otherwise be utilized, due to the cost of energy transmission, so PoW could utilize those sources, since transmitting PoW is much cheaper than transmitting the energy it takes to produce it.
- danpalmer 6y agoOr we could move our scientific computing workloads to places where that renewable energy is, as transmitting the results of scientific computation is much cheaper than moving the energy. I'm not saying that Proof of Work algorithms have no value at all, but I believe they have very little value to humanity compared to most other uses for that energy, and increase the costs of energy in many cases for most other applications. Currently Proof of Work spends energy to create a betting market for rich people. Maybe in the future there might be useful application of it, but we've yet to get any further than theorising and small scale demonstrations.
- CryptoPunk 6y agoCurrently Proof of Work is deemed by the market to be valuable, by definition, so it is merely speculation that the market is over-valuing cryptocurrency that your claim that PoW is not valuable is based on. Anyway, I would agree that if the PoW had a secondary purpose, like enhancing the efficiency of the blockchain, or providing scientific compututation, it would provide more value to humanity.