Proof Of Work Vs. Proof Of Stake: Why Bitcoin Won’t Change
As politicians and environmentalists have argued Bitcoin should move away from proof of work, they miss what makes the network so innovative.Bitcoin’s consensus mechanism, proof of work (PoW), tends to bring about divisive opinions in society. While some argue it is a core aspect of Bitcoin’s success, others claim the network would retain most of its properties while reaping new benefits if it switched to alternative consensus mechanisms such as proof of stake (PoS).This discussion was brought to the fore this week as two diametrically-opposed events happened nearly simultaneously: The....
Related News
What is delegated proof of stake? “(DPOS) Delegated proof of stake is a new consensus algorithms that allows shareholders (or the users of the system) to have control over who is certifying the ledger. it allows us to have 10 second block times, process 10 transactions per second or more, and allows the network to scale; to have dedicated nodes that are highly efficient and specialized yet remain in control of the shareholders. We can actually have 10 second confirmation on your blocks that is more secure than bitcoin.” How is DPOS different than proof of stake or proof of work? “Proof of....
Enriching people for low-energy services won’t save the environment, only proof of work builds a sustainable future.
Proof-of-work is the innovation that drives energy innovation. Proof-of-stake ensures the richest among us will continue their control over others.
A technical and in-depth analysis of the trade-offs that Ethereum’s consensus mechanism makes in its switch to proof-of-stake and how proof-of-work differs.
It is evident that proof-of-work is a pure representation of free-market forces as opposed to the control of proof-of-stake.