Nonfinancial applications for a blockchain Money is an important use case for a blockchain, but that is just the tip of the iceberg.
Let's walk through a few alternative use cases for a blockchain.
All of the above use cases for a blockchain would not be suitable for a PoW blockchain.
The reality is, not enough people are innovating on the nonfinancial use cases for a blockchain.
Alternative consensus mechanisms We've already established that there are many use cases for a blockchain besides money, and each of these use cases needs an alternative to PoW. There are more than 40 known consensus mechanisms used with a blockchain, so let's explore a few of the most common alternatives to PoW.Proof-of-stake.
With PoS, network participants put their capital at risk to validate the blockchain.
Let's wrap up PoW is great for Bitcoin but falls short for other use cases of a blockchain.
With an industry as nascent as blockchain, it's important we continue our research in an effort to discover novel blockchain architectures.
New consensus mechanisms will unlock new use cases for blockchain technology.
Roberto Capodieci is the founder and CEO of Blockchain Zoo, and a renowned expert on blockchain technology.
Proof-of-Work Doesn't Solve Every Blockchain Use Case
gepubliceerd op Oct 31, 2019
by Cointele | gepubliceerd op Coinage
Coinage
Vermeld in dit artikel
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.