The Cryptocurrency Phenomenon – A Thesis [Part 7]
“In practice, the Proof-of-Stake approach proves to be problematic in systems where the coins “at stake” were not created through Proof-of-Work.”
Today we explore how Proof-of-Work enables the Bitcoin system to achieve consensus without any central point of control. Concluding Section 5 of the incredible Thesis by iterative.capital, “Machine Consensus Via Proof-of-Work.”
Mentioned in the Commentary:
A Proof of Stake Design Philosophy
Critique of Buterin’s Proof of Stake Design Philosophy
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