Distributed systems are ideal for many applications. Distributed systems verified by many 'miners' is even better, but at some point, we have to admit that the technology is flawed in key points:
- power consumption, considering global warming, is a huge waste;
- the speed all nodes communicate between each other (not even counting the great firewall of China) can't be improved after some point (BTC lightning network is NOT a real solution - read an article about how exactly it works)
Proof of stake is a VERY BAD idea that creates more problems than it solves. All I have to do to take over the chain is buy 1 coin more than anyone else on the chain..
All other problems could be solved in the future (reversible transactions, regulation/privacy etc), but with these 2 major drawbacks, blockchains are not feasible, in my opinion.
Proof of stake is a VERY BAD idea that creates more problems than it solves. All I have to do to take over the chain is buy 1 coin more than anyone else on the chain..
All other problems could be solved in the future (reversible transactions, regulation/privacy etc), but with these 2 major drawbacks, blockchains are not feasible, in my opinion.