Author: Keagan McClelland 2021-05-18 16:47:29
Published on: 2021-05-18T16:47:29+00:00
The discussion revolves around whether Proof of Work is suitable for the task and how it creates security by introducing waste. The waste is what creates the security in PoW, making it honest about its consumption of resources. Any new proof-of-foo should consider all effects until reaching the base physics of the arrow of time, at which point one will realize it is ultimately just another proof-of-work anyway. Moving towards a more direct proof-of-work is better than adding complexity, which can be jammed or hacked into. Useful computation is something people will pay for, and miners can be compensated if they pay for it, but this erodes network security substantially. Even government-enforced fiat is ultimately proof-of-work, as the operation and continued existence of any government is work. A mixed PoW/PoS system has been written and works, but the environmental impact needs to be analyzed. At least electricity does not leave waste behind, and mining in orbit with solar power would be acceptable.
Updated on: 2023-06-14T22:00:40.974984+00:00