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RE: Things To Consider: Is There a Meaningful Difference Between Proof of Work and Proof of Stake?
I've been thinking about this for a while and I've yet to see something as elegant as the original Proof-of-Work consensus mechanism. Sure, it is really wasteful but the incentives align correctly. I think that any future consensus mechanism will require some wastefulness although I can't really explain at this point why I feel that way. I guess it is just a feeling.
But I'm interested to see new composite consensus systems. I'm sure that as more people enter the space there will be more creative solutions to the problem. I'm curious at what new types of cost we can come with as a security counterbalance (as opposed to electricity or stake).
Proof-of-work was the perfect solution to bootstrap the movement. Now, coins like Bitcoin are too valuable and the competition for the hash lottery is too fierce. Proof-of-stake came along just at the right time. And I expect proof-of-whatever's-next to feel the same way in retrospect.