Not really. Proof of Work blockchain is backed up by electricity alone but proof of stake is valued on ownership.
Also there's several other lesser used proofs that can be used to back up the blockchain like proof of history, proof involving influential people, proof of memory using hard drive space, etc...
There are obvious pitfalls with these lesser used proofs but if you stack all proofs together in a blockchain, the blockchain would build more trust and be more secure overall.
It would be which is why it's not neccessarily used, but if that is used in conjunction with other trusted proofs and doesn't take precedence over more secure proofs (adds a little to a trusted network like 6% weight for example) it can be useful.
Transactions can be made offline but ultimately yes they need electricity when they go through. However, it's much less electricity and much more secure than our current financial system while still enabling a world where connections can take place over vast distances. You just have to make sure those connections aren't toxic.
Agreed, but still require electricity for offline transactions! Unless they have some sort of paper entry ledger thing but I’ve never come across any such thing or idea relating to crypto.
No, in the end you're right electricity is needed to check every computers copy of the block chain ledger.
However, while bitcoin requires huge amounts of electricity to verify since Bitcoin miners are competing on processing the transactions (and getting the fees/Bitcoin) through proof of work (essentially bitcoin miners compete on having the most powerful computers to have higher chance of selection), proof of stake with cryptocurrencies like Cardano are much more efficient.
Proof of stake is shown to be at least 10,000 times more energy efficient right now (it is still fairly new and many optimizations can be made). While Bitcoin mining is equivalent to the country of Pakistan in electricity use, Cardano proof of stake is equivalent to a small island like the Isle of Man in UK.
So yes electricity must be used and quite honestly to you want to waste all of the resources trying to verify every transaction by every business ever made on paper? Fuck that, everything is automated and verified with electricity in our current financial system but its all prone to error and fraud by people as the money moves around several layers with no easy way of finding or proving fraud of an individual/company. Fraudulent payments eat up a huge chunk of our economy each year and its only possible because of our current financial system. Bitcoin has never had any fraudulent payments in its 12 year history and I would argue it is the oldest and least updated major cryptocurrency. Bitcoin is already more efficient than our current financial system (which additionally is backed up with military because it needs to physically control others to keep its authority, that's a whole lot of extra resources devoted to a financial system). Proof of stake cryptocurrencies at present are 10,000 times more efficient than Bitcoin.
Yeah you need electricity, but how much is important. Cryptocurrencies take less energy than the current financial system and eliminate fraudulent payments (unless you buy into shitcoins and bugged projects). There are ways to prove mathematically a dApp project won't have bugs/backdoors in their code using functional programming (very few businesses in general have moved to formal methods in programming to prove no bugs but it has all been promising. Cardano is doing this on their network and others are following as well).
Not really. Proof of Work blockchain is backed up by electricity alone but proof of stake is valued on ownership.
Also there's several other lesser used proofs that can be used to back up the blockchain like proof of history, proof involving influential people, proof of memory using hard drive space, etc...
There are obvious pitfalls with these lesser used proofs but if you stack all proofs together in a blockchain, the blockchain would build more trust and be more secure overall.
All these things operate because of electricity still…well idk about proof of influential people but that sounds like a horrendous idea
It would be which is why it's not neccessarily used, but if that is used in conjunction with other trusted proofs and doesn't take precedence over more secure proofs (adds a little to a trusted network like 6% weight for example) it can be useful.
Transactions can be made offline but ultimately yes they need electricity when they go through. However, it's much less electricity and much more secure than our current financial system while still enabling a world where connections can take place over vast distances. You just have to make sure those connections aren't toxic.
Agreed, but still require electricity for offline transactions! Unless they have some sort of paper entry ledger thing but I’ve never come across any such thing or idea relating to crypto.
No, in the end you're right electricity is needed to check every computers copy of the block chain ledger.
However, while bitcoin requires huge amounts of electricity to verify since Bitcoin miners are competing on processing the transactions (and getting the fees/Bitcoin) through proof of work (essentially bitcoin miners compete on having the most powerful computers to have higher chance of selection), proof of stake with cryptocurrencies like Cardano are much more efficient.
Proof of stake is shown to be at least 10,000 times more energy efficient right now (it is still fairly new and many optimizations can be made). While Bitcoin mining is equivalent to the country of Pakistan in electricity use, Cardano proof of stake is equivalent to a small island like the Isle of Man in UK.
So yes electricity must be used and quite honestly to you want to waste all of the resources trying to verify every transaction by every business ever made on paper? Fuck that, everything is automated and verified with electricity in our current financial system but its all prone to error and fraud by people as the money moves around several layers with no easy way of finding or proving fraud of an individual/company. Fraudulent payments eat up a huge chunk of our economy each year and its only possible because of our current financial system. Bitcoin has never had any fraudulent payments in its 12 year history and I would argue it is the oldest and least updated major cryptocurrency. Bitcoin is already more efficient than our current financial system (which additionally is backed up with military because it needs to physically control others to keep its authority, that's a whole lot of extra resources devoted to a financial system). Proof of stake cryptocurrencies at present are 10,000 times more efficient than Bitcoin.
Yeah you need electricity, but how much is important. Cryptocurrencies take less energy than the current financial system and eliminate fraudulent payments (unless you buy into shitcoins and bugged projects). There are ways to prove mathematically a dApp project won't have bugs/backdoors in their code using functional programming (very few businesses in general have moved to formal methods in programming to prove no bugs but it has all been promising. Cardano is doing this on their network and others are following as well).