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Is Crypto Finally Dead?
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this post was submitted on 19 Jun 2023
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Technology
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@Senseibu @FaceDeer POW was one of the biggest issues with crypto in general. Let's not kill a tree everytime someone wants to sign up
@shipp Ethereum switched to Proof-of-Stake consensus nine months ago, it no longer burns a significant amount of energy to operate. I'm primarily interested in Ethereum because it's got smart contracts, allowing a huge variety of applications that older, simpler cryptocurrencies like Bitcoin can't handle.
It’s a small foot print for a real user and expensive for bots who are generating enmasse. It worked on Windows 98 PCs so isn’t really an issue like you describe.
@Senseibu PoW should just be straight up illegal everywhere. It's a plague on the planet.
Except it’s been around for decades and put to good use but you’ve only heard of it from crypto and are referring to crypto.
@Senseibu so has crime lol, doesn't mean it's good. There's also a reason it hasn't caught on. If you ignore the whole killing the planet thing, it's very inaccessible.
Hasn’t caught on pfft dude why are you even replying when you clearly know nothing about the tech except for it’s bad for the planet we haven’t even got into how it could be powered with renewables (when its applied within a crypto currency that is)
Good day to you sir
PoW is indeed an interesting solution to protect against DDoS in some situation, like how Tor Onion Services does it.
Not all applications of PoW are bad.