Okay, I am getting questions about who Lance Ulanoff is. Time for some Mastodon history.
Exactly a year ago today, Lance Ulanoff opened his article about Mastodon with this phrase:
"William Shatner couldn't find me on Mastodon.
This was a problem."
That was the day Mastodon became a shatner-proof network.
#Cryptocurrency are not dead.
Because it waste #energy that would have better uses.
And you know... energy costs is going to grow.. and grow... and grow... as the Earth's resources finish.
You might get some profit by speculation, but I don't think it's a moral profit. Nor a moral technology, in our resource constrained world.
Blockchains are a linked list containing the hash of the current block's data and the hash of the previous block's data forming a cryptographic chain; it uses storage not (much) energy.
Proof-of-Work is a protocol feature (which uses a lot of energy) for which there are alternatives: https://www.quora.com/What-are-the-alternative-strategies-for-proof-of-work
You should read that link more carefully.
> To date, all proof of burn cryptocurrencies work by burning proof-of-work-mined cryptocurrencies
> Because creating forks is costless when you aren't burning an external resource Proof of Stake alone is considered to an unworkable consensus mechanism.
Also, the Proof-of-Work is an hash included in the blockchain, distributed and checked by miners.
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