Proof-of-Work Versus Competing Consensus Algorithms Debate
“The fundamental problem is if I am a newcomer to an existing proof-of-stake system, I cannot tell what the ultimate source of truth is. I would have to call the founders and they would tell me that this is the hash of the genesis block.”
Jan Čapek, Co-CEO of Braiins
A question along the lines of the following was posed at a conference in Bali in September - “What is the most overrated thing in blockchain technology?”. A co-founder of Blockchain Zoo, a blockchain technology company based in Bali, answered proof-of-work. John Lee immediately shakes head and thinks bullshit.
Proof-of-work was the innovation which solved the decades-old problem of creating digital cash. All other competing consensus algorithms have to date been a pipe dream or a tool for charlatans.
I was leaving for China the day after the conference but I proposed to them to organise a live debate when I return to Bali. That will take place tomorrow Tuesday the 3rd of December at 9 am UTC.
Myself and Stevie Zollo, an OpenBazaar developer, will argue for Proof-of-Work while two Blockchain Zoo professionals will take the opposite side of the argument. The event will be live-streamed and anybody in the audience or watching online can cast their arguments.
The link is below. Have you got any unique angles in this argument?