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Has there been any movement in the crypto world (that isn’t just creating new coins) towards switching algorithms such that BTC et al don’t use proof of work an

Has there been any movement in the crypto world (that isn’t just creating new coins) towards switching algorithms such that BTC et al don’t use proof of work anymore?

beaconstudios 6y ago
Ethereum is switching to proof of stake. AFAIK (not a crypto guy) it's the second largest blockchain.
- derefr 6y ago
  More relevant to the question at hand, Ethereum is also where all the NFTs are.
doomslice 6y ago
Stellar (https://stellar.org/ https://stellar.org/) uses a novel Byzantine agreement protocol (https://www.stellar.org/papers/stellar-consensus-protocol?locale=en https://www.stellar.org/papers/stellar-consensus-protocol?lo...) which practically eliminates it in comparison. It is also insanely cheap (like $1... and even that is just "held" in the account and can be released later) to "mint" a new coin and thus is practically perfect for NFTs. It's seen as sort of a joke in the crypto world by those who are only trying to make a buck (price of XLM, used for paying transaction fees, is relatively stable compared to others) but I think it's one of the few cryptos out there that has a chance of making a real difference in the world long term.
- dieortin 6y ago
  Stellar is centralized though, so it completely misses the point.
  - doomslice 6y ago
    Anyone can participate in consensus, but you do have to be trusted by someone else who already participates in the trusted consensus, so you're right that it's not completely decentralized (but is also not strictly centralized either). Here's a current visualization of how many participants there are: https://stellarbeat.io/ https://stellarbeat.io/
yreg 6y ago
Cardano – the 3rd largest currency by marketcap[1], after Bitcoin and Ethereum – uses proof of stake. [1] - https://coinmarketcap.com/ https://coinmarketcap.com/
X6S1x6Okd1st 6y ago
Bitcoin is extremely resistant to change. Ethereum is what all the articles about costly NFTs are written about. The proof of stake (low energy consumption) chain is already live and the proof of work chain will is scheduled to be shut down in 2 years. Faster if the miners try to revolt
deleted 6y ago
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Paradigma11 6y ago
Tezos using PoS has been up and running for more than a year i think. You can mint NFTs here: http://nftz.fun/ http://nftz.fun/ https://www.hicetnunc.xyz/ https://www.hicetnunc.xyz/

Has there been any movement in the crypto world (that isn’t just creating new coins) towards switching algorithms such that BTC et al don’t use proof of work anymore?

beaconstudios 6y ago

Ethereum is switching to proof of stake. AFAIK (not a crypto guy) it's the second largest blockchain.

derefr 6y ago
More relevant to the question at hand, Ethereum is also where all the NFTs are.

doomslice 6y ago

Stellar (https://stellar.org/ https://stellar.org/) uses a novel Byzantine agreement protocol (https://www.stellar.org/papers/stellar-consensus-protocol?locale=en https://www.stellar.org/papers/stellar-consensus-protocol?lo...) which practically eliminates it in comparison. It is also insanely cheap (like $1... and even that is just "held" in the account and can be released later) to "mint" a new coin and thus is practically perfect for NFTs. It's seen as sort of a joke in the crypto world by those who are only trying to make a buck (price of XLM, used for paying transaction fees, is relatively stable compared to others) but I think it's one of the few cryptos out there that has a chance of making a real difference in the world long term.

dieortin 6y ago
Stellar is centralized though, so it completely misses the point.
- doomslice 6y ago
  Anyone can participate in consensus, but you do have to be trusted by someone else who already participates in the trusted consensus, so you're right that it's not completely decentralized (but is also not strictly centralized either). Here's a current visualization of how many participants there are: https://stellarbeat.io/ https://stellarbeat.io/

yreg 6y ago

Cardano – the 3rd largest currency by marketcap[1], after Bitcoin and Ethereum – uses proof of stake. [1] - https://coinmarketcap.com/ https://coinmarketcap.com/

X6S1x6Okd1st 6y ago

Bitcoin is extremely resistant to change. Ethereum is what all the articles about costly NFTs are written about. The proof of stake (low energy consumption) chain is already live and the proof of work chain will is scheduled to be shut down in 2 years. Faster if the miners try to revolt

deleted 6y ago

[deleted]

Paradigma11 6y ago

Tezos using PoS has been up and running for more than a year i think. You can mint NFTs here: http://nftz.fun/ http://nftz.fun/ https://www.hicetnunc.xyz/ https://www.hicetnunc.xyz/