Re:My professional opinion as a blockchain researcher: I don...
by thieving_magpie on Monday February 12, 2018 @10:30AM
(#16359209)
I understand the trade off a little better now. Thanks. It leads me to a follow up question - is this universally true of all blockchain implementations or is it due to the structure of cryptocurrency (mining, etc.)?
Re:My professional opinion as a blockchain researcher: I don...
by icebraining on Monday February 12, 2018 @11:19AM
(#16359617)
Mining is part of how the Blockchain remains decentralized; you can't remove it.
In the original paper, the way mining worked was by Proof-of-Work (PoW), which wastes a bunch of energy to make sure it's unprofitable to attack it.
There is research into mining without wasting energy by using alternatives to PoW, like Proof-of-Stake (PoS). I don't think there's consensus about whether any of them actually work.
The question is, do the costs and downsides of cryptocurrencies outweigh the benefits of not having to trust a third-party intermediary? The author is arguing no, and for the overwhelming majority of real-world cases, I would tend to agree.