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A comment on 153k Ether Stolen in Parity Multi-Sig Attack. Parent comment

Re:153k Ether Stolen in Parity Multi-Sig Attack by dullgiulio on Thursday July 20, 2017 @11:15AM (#14813171)
> The blockchain offers characteristics (immutability, consensus, distributed backup) that allows entities to trust each other efficiently.

Nope. All of these can be achieved without using proof-of-work which is terribly inefficient.

The parties would have to trust each other... but well, they have to in Ethereum too :)

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Re:153k Ether Stolen in Parity Multi-Sig Attack by grandalf on Thursday July 20, 2017 @01:25PM (#14814520)
Proof of work allows participants to trust the ledger in a way that is enforced by cryptography, not by law. This creates a powerful deterrent for certain kinds of fraud and abuse.

I agree that waste-heat-generating proof of work is inefficient, but that does not mean that no proof of work system exists where the work itself has some positive externalities.

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