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If it's just off-chain social consensus that matters what purpose does the crypto even serve?
by atherton33 4y ago
If it's just off-chain social consensus that matters what purpose does the crypto even serve?
- randomran01234 4y agoMost crypto including Bitcoin is governed off-chain. People come to consensus on a set of rules that allows them to create a public and permissionless BFT ledger. Attacking the ledger then costs millions or billions of dollars. If one dishonest node or a group of colluding actors decide to spend this much to amass majority control of the network, the rest of the network can decide to fork the protocol to burn their staked capital. The main goal of crypto - the base token and protocol rewards from PoW or PoS - is to secure this network and keep it permissionless and decentralized.