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/biz/ - Business & Finance

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6796795 No.6796795 [Reply] [Original]

So what do you think is the best alternative to proof of work?

How will Ethereum's eventual switch to proof of stake affect the market?

>> No.6796816

what is this nerd shit boi

>> No.6796845

>>6796795
I've heard that proof of stake is a oligarchies wet dream. Is this true /biz/?

>> No.6796868

>>6796795
Ethereum will rise in price for a while

>> No.6796897

Imagine if you have like, 10k eth.

If you just start staking now 10 years from now you will be a literal billionaire. Vitalik will be the most wealthy man in the world.

>> No.6797022

>>6796897
>If you just start staking now 10 years from now you will be a literal billionaire. Vitalik will be the most wealthy man in the world.

This is actually not even a long shot.

Is it known how many he is still hodling? 100's of thousands likely.

>> No.6797157

PoS is a pos

>> No.6797866
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6797866

>>6796816
Right now bitcoin and most other cryptos are mined using "proof of work". In essence, the blockchain trusts that the block a miner generates is accurate because they put a lot of computational work into verifying it.

While this works, the system isn't without flaws. For one, it creates an enormous energy cost due to the thousands upon thousands of computers that are essentially wasting power to mine.

There are alternatives to this system being looked into, including proof of stake and proof of space, among others. They also come with their own advantages and disadvantages.