I agree that a lot of cryptocurrencies are scams, but if you’re worried about inefficiency, you can use proof of stake crypto, such as Polkadot. It uses as much energy as 5 households iirc. Even if everyone can see transactions, no one can take that money away from you, which banks can easily do.
Proof of Stake only shines compared to Proof of Work. There’s no consensus algorithm that isn’t blown out of the water by conventional database tech performance-wise and there never will be because of the network character of blockchain tech.
Token-bros (I refuse to give you the term “crypto”, it stands for cryptography) ignore this, maybe even rightly so, since the benchmark cannot be conventional tech if you’re trying to implement trustlessness (the DB would be controlled by some entity like a bank) but since there is no trustlessness (trust the network, the devs, the exchange for real money, etc), it’s a baseless idea.
I agree that a lot of cryptocurrencies are scams, but if you’re worried about inefficiency, you can use proof of stake crypto, such as Polkadot. It uses as much energy as 5 households iirc. Even if everyone can see transactions, no one can take that money away from you, which banks can easily do.
Proof of Stake only shines compared to Proof of Work. There’s no consensus algorithm that isn’t blown out of the water by conventional database tech performance-wise and there never will be because of the network character of blockchain tech.
Token-bros (I refuse to give you the term “crypto”, it stands for cryptography) ignore this, maybe even rightly so, since the benchmark cannot be conventional tech if you’re trying to implement trustlessness (the DB would be controlled by some entity like a bank) but since there is no trustlessness (trust the network, the devs, the exchange for real money, etc), it’s a baseless idea.
Huh, I had not heard of Polkadot.