Re:Bitcoin and other PoW coins are an ESG nightmare
by londons_explore on Monday February 15, 2021 @12:36PM
(#26144920)
Any of these coins could have linked themselves to bitcoin. Ie. They could have issued coins at the start to all bitcoin holders.
If they did that, they'd get over the "we're not bitcoin" hurdle, assuming the tech was any good.
Re:Bitcoin and other PoW coins are an ESG nightmare
by londons_explore on Monday February 15, 2021 @12:56PM
(#26145164)
The best way is to have a way to "lock" bitcoin which can then be "imported" with a 1:1 exchange rate into your new altcoin.
That way there is no proliferation of coins, and people will have trust knowing each of your altcoins is backed 1:1 with bitcoin.
And nobody cares. If I had to guess, I'd say the attractiveness of mining the PoW coins is that it's very expensive, but accordingly very rewarding.
When the coins are cheap and easy to secure as a node, people seem to not be as interested, which means the coin doesn't get used.
Chia, Sia, Filecoin all are trying to do similar, but have added in a "distributed Dropbox". There are some interesting challenges there, like quintuple redundancy and having your files stored across multiple nodes in shards for privacy. But in the end, they seem to suffer from the same issue as BURST: their feature set struggles to create popularity because they're not Bitcoin.