About useful Proof Of Work

About the rise of Proof of Stake, we could well see the rise of what I call useful Proof of Work in 2018....

With the huge increase of transactions fees of Bitcoin (between 15 and 30 usd according to https://bitcoinfees.info/ now, can you believe it?!), we really need to do something about the huge waste of money when it comes to verifying the blocks.

Though proof of works has its utility because it enables a solid security and though I do not think it will fade away, there must be much cheaper ways 1) of securing the blockchain or less wasteful ways 2).

1) is being tackled by proof of stake and I think it is a question of time before we see it recognized generally by the crypto communities as a legitimate way of securing the blockchain.

Most of the new kids on the block are proof of stake based crypto assets and I believe we will see a huge boom of proof of stake in 2018 as I talked about, in my previous post, (http://nuventures.org/news/archives/28) ,


2) is being tackled by useful proof of work like Primecoin (http://primecoin.io/) for example or Filecoin (https://filecoin.io/) .

Primecoin aims at finding chains of certain types of prime numbers in its algorithm: miners are incentivized to try to come up with more efficient/fastest ways to find these chains. So while you contribute to the security of the network, you contribute to mathematics.

In the case of Filecoin, you need to output a proof of providing some space for storage in order to be rewarded by the network which corresponds to contributing to the security of the network. So you provide a useful work besides securing the network.


I believe we will see, right after the rise of Proof of Stake the rise of useful Proof of Work, possibly in 2018.

And then we will see the rise of decentralized autonomous organizations or corporations after these 2 types of consensus will have gone mainstream and it could be very quick.

And merry X’Mas!

blog   2017/12/25   uploada