Could bitcoin work as proof of stake? Because PoW is pretty wasteful.
RE: Bitcoin's Unit of Account: The Watt-Hour
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Bitcoin's Unit of Account: The Watt-Hour
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This is the million bitcoin question.
I would say that history has already proven that agreement on value is enough for something to hold value, it doesn't need to be backed by anything else than consensus. Without the waste of PoW and the capitalist risks of standard PoS, the most elegant and efficient solution to date seems to be Delegated Proof of Stake, the consensus protocol Steem runs on.
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A month ago I would have agreed with you ,,, but I just learned of a 3 year old company (programmers) that is using an older tech called HashGraph which is mathematically even more secure than blockchain and the proof algorithm is even easier with less size.
http://www.swirlds.com
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Well, Dan Larimer is pretty firm in his vision on Hashgraph and the limits of that technology. I don't know what technology will ultimately dominate the decentralized economy, whether that's DPOS, Tangle or Hashgraph... Could be something entirely new could be brought in by a big company like Google, Amazon, Facebook or Apple.
Be careful out there. Cryptoland is high risk land.
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Not exactly "green". Funny how Enviros never seem to mention that.
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Not exactly "green". Funny how Enviros never seem to mention that.
It also is not very useful in an emergency situation (e.g. Puerto Rico) where there's no wi-fi or electricity.
Just sayin'.
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Hello, thanks for your question. It is a really interesting one and something that cant be answered, for sure, in one post. We need to learn and understand how does Blockchain technology works.
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I guess this is the question everybody is waiting to be answered!
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HashGraph is the future.
http://www.swirlds.com
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Sure it can work, but would it be preferable if it no longer was as good as a unit of account?
I like proof-of-stake coins, but I liken them more to shares of a company. I see DPOS systems similarly and it has a great system of getting more distributed over time as more stakeholders get involved. Can these coins eventually be used as money? Perhaps. A lot of it might depend on how people feel about using these coins as a unit of account.
Also distribution is always a difficult issue with POS ecosystems compared to POW systems, but that's another topic to discuss.
We'll see what the free market thinks!
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Thanks for your answer, it's really interesting to ponder these "what if" scenarios.
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