this post was submitted on 05 Jan 2022
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cryptocurrency
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It is an open question though what an better alternative would be. Proof of Stake comes with it's own set of problems and is pretty much the opposite of what the original cryptocurrency idea was all about, and proof of time/space is nearly as wasteful as proof of work.
How is proof of stake as wasteful as proof of work? The main issue is electricity / energy use that scales up as the network does with proof of work systems, because validating transactions require intensive CPU work.
I said "proof of time/space" is nearly as wasteful, see Filecoin.