Re:“Proof-Of-Work” Proves Not to Work (2004) [pdf]
by mimixco on Saturday January 12, 2019 @10:51AM
(#18891660)
It's only relevant in that Satoshi took the proof of work idea for Bitcoin from a spam prevention system like the OP discusses.
A lot of cryptos try to get around proof of work (proof of stake, for example) because PoW takes a long time and uses a lot of electricity, and this is the paper's main complaint -- but so far it's proved quite secure for Bitcoin. The Bitcoin blockchain has never been successfully hacked.
A lot of cryptos try to get around proof of work (proof of stake, for example) because PoW takes a long time and uses a lot of electricity, and this is the paper's main complaint -- but so far it's proved quite secure for Bitcoin. The Bitcoin blockchain has never been successfully hacked.