3 ms·
> there are many ways of running a lottery that don't involve burning tons of electricity in the process You need something to be the limiting factor on the am
by useryman 5y ago
> there are many ways of running a lottery that don't involve burning tons of electricity in the process
You need something to be the limiting factor on the amount that you can try to win such a lottery. With proof of work, it's electricity. (assuming everyone is about as efficient as each other)
Early on, they talked about it being proportional to cpu-time. That has become more abstract since.
- lottin 5y agoThe limiting factor can be the price of the lottery ticket. (It seems the most obvious limiting factor, by the way.)
- useryman 5y agoBut what's the cost of the lottery ticket? Is it a certain amount work done? That's "proof of work". Is it an amount of the currency? That's "proof of stake", kinda. I haven't heard of any cryptos that require you to risk your coins to mine. Sounds like a neat gimmick, but hard to implement.