Re:Gridcoin: An open-source cryptocurrency that rewards volu...
by 3np on Tuesday February 23, 2021 @09:10AM
(#26237394)
Same, I even bought some back in... 2014 I think?
I'm yet ambivalent on if it's a factor on why it hasn't been able to attract serious attention, but I've heard the argument that doing calculations that have external value outside of PoW breaks the incentive mechanisms.
To me, merge mining on Bitcoin[0] and MEV on Ethereum[1] are evidence against that argument, since we already have those forces in play today. So Gridcoins concept should work.
I'm yet ambivalent on if it's a factor on why it hasn't been able to attract serious attention, but I've heard the argument that doing calculations that have external value outside of PoW breaks the incentive mechanisms.
To me, merge mining on Bitcoin[0] and MEV on Ethereum[1] are evidence against that argument, since we already have those forces in play today. So Gridcoins concept should work.
[0]: https://blog.bitmex.com/the-growth-of-bitcoin-merge-mining/
[1]: https://arxiv.org/abs/1904.05234