The need for power is to make it extremely difficult to take over the network. If the power needed was minimal, 1 person or group could easily take over. Power is what keeps it secure and as we enter the AI and quantum computing age, blockchain tech and how they are secured is one way to protect ourselves. Centralized databases are sitting ducks as we have seen with the amount of hacks going on at an increasing pace.
No, it needs non-useful computation to make it more and more difficult to mine. This needs more and more power to do. The power wastage is not required, but is a side effect. There are other methods of securing digital currency. Bitcoin should be seen as a proof of concept at this stage, rather than a complete technology.
The problem is trying to prevent concentration of power and ensuring new good faith actors can enter the ecosystem at any time on a similar footing.
The irony is that the more widespread it is, the less likely for any one entity or group of entities to have control, yet the more total power is being consumed.
The need for power is to make it extremely difficult to take over the network. If the power needed was minimal, 1 person or group could easily take over. Power is what keeps it secure and as we enter the AI and quantum computing age, blockchain tech and how they are secured is one way to protect ourselves. Centralized databases are sitting ducks as we have seen with the amount of hacks going on at an increasing pace.
No, it needs non-useful computation to make it more and more difficult to mine. This needs more and more power to do. The power wastage is not required, but is a side effect. There are other methods of securing digital currency. Bitcoin should be seen as a proof of concept at this stage, rather than a complete technology.
The problem is trying to prevent concentration of power and ensuring new good faith actors can enter the ecosystem at any time on a similar footing.
The irony is that the more widespread it is, the less likely for any one entity or group of entities to have control, yet the more total power is being consumed.
This used to be true. Mining pools have now concentrated that governance and specialized hardware has removed the ability for the everyman to mine.
2nd and 3rd generation blockchains will provide the growth in use cases and adoption.
Bitcoin’s unique selling point it it’s price. It is tulips2.0