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Bitcoin only uses huge amounts of energy because the bitcoin community likes it that way. Nearly all other blockchains use some form of Proof of Stake model and
by pants2 2y ago
Bitcoin only uses huge amounts of energy because the bitcoin community likes it that way. Nearly all other blockchains use some form of Proof of Stake model and their energy use isn't much more than a typical cloud service.
- toenail 2y agoAnd all proof of stake blockchains require trust in some entity. Proof of work solves that problem, it's not just a matter of preference.
- ben_w 2y agoPoW creates the illusion of solving trust, but it is only an illusion because all things one may purchase with a transaction also require trust. At best, there's also smart contracts, which do have real uses, but they also have limited domain — you can't meaningfully digitally verify the correct delivery of a pizza, or that the pizza is correct as ordered, or that it's even safe to eat. Legal system does all that, but if you've already got a legal system then you don't need to worry too much about trusting the bank either.