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Joined 4 years ago
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Cake day: December 18th, 2020

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  • cloudycloudtocryptocurrencyWhy Proof of Stake (Nov 2020)
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    4 years ago

    Proof of stake is basically giving free money to the richest people on the network, those that have enough to stake. At the expense of the rest of the users.

    POW is also a POS when a miner have to invest in specialized hardware.

    POW also ensures that the newly created coins were not given for free but had a real cost to produce.

    The bad thing is energy consumption.

    But there have been research showing around 70% of the energy is from renewables.

    It could in theory also be used as a way to turn excess energy produced from windpower and otherwise just wasted into more profits from windpower.

    If so, mining could even drive investment into renewables. Speeding up its expansion.



  • Platforms like Mastodon and Lemmy have none of the problems associated with commercial ones because they don’t aim to monetize the users of the platform.

    This also means the developers or those running an instance might run into money problems and be cheaper for someone to buy to sell their data.