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I wish people would differentiate between crypto that's based on proof of [algorithmic] work vs based on proof of [other] work vs proof of stake vs other method

I wish people would differentiate between crypto that's based on proof of [algorithmic] work vs based on proof of [other] work vs proof of stake vs other methods. The reasons people are giving to ban crypto all point to proof of [algorithmic] work, primarily Bitcoin, which was crypto 1.0. The algorithms work and there is a lot of interesting innovation that's come out of Bitcoin. However, it's not sustainable. Ethereum and other cryptocurrencies are moving to other proof mechanisms, or have already done so. That means those cryptocurrencies do not have the environmental impact of Bitcoin, including the power demands. There are problems with proof of stake, so it's not like everything is rosy, but those problems are being worked. Cryptocurrency in some form is here to stay in my opinion, though there may be a prohibition-like period for a decade if it gets banned.

oblio 5y ago
The problem with this approach: > There are problems with proof of stake, so it's not like everything is rosy, but those problems are being worked. Is that it's like cold fusion. Some stuff was worked on for centuries before we managed to solve it. Some stuff we still haven't, after millennia. Bitcoin was a breakthrough due to Proof of Work. It was a major breakthrough. The other Proofs of Whatever are far from guaranteed to raise to the same level. There's a huge mix of wishful thinking and G.R.E.E.D.
- DennisP 5y ago
  Ethereum's proof-of-stake network has been running in parallel for a year with billions of dollars in ETH deposited. What's left is to point the rest of the network to it, and there are multi-client testnets for that running right now.