Chapter
The Advantages of Proof of Stake Over Proof of Work in Cryptocurrency
59:06 - 1:04:19 (05:12)
This podcast discusses the advantages of proof of stake over proof of work in the world of cryptocurrency, including the potential for greater decentralization and competition to build the perfect proof of stake system.
Clips
The chaos surrounding cryptocurrencies is due to the decentralized nature of the ledger which requires someone to take charge of modifications.
59:06 - 1:00:09 (01:02)
Summary
The chaos surrounding cryptocurrencies is due to the decentralized nature of the ledger which requires someone to take charge of modifications. One solution is to use a meritocratic, hash-o-r-cratic computation approach where someone who has 25% of the coins will be given the right to modify the ledger for 25% of the time.
ChapterThe Advantages of Proof of Stake Over Proof of Work in Cryptocurrency
Episode#192 – Charles Hoskinson: Cardano
PodcastLex Fridman Podcast
The next step in the evolution of blockchain systems is to have multiple proof-of-work resources that balance each other and create a more resilient system.
1:00:09 - 1:01:09 (01:00)
Summary
The next step in the evolution of blockchain systems is to have multiple proof-of-work resources that balance each other and create a more resilient system. This article discusses the differences between proof-of-work and proof-of-stake systems and how multiple resources can optimize their properties.
ChapterThe Advantages of Proof of Stake Over Proof of Work in Cryptocurrency
Episode#192 – Charles Hoskinson: Cardano
PodcastLex Fridman Podcast
The concept of proof of work in blockchain involves introducing randomness to pick a collection of people to perform block making and prevent double spends.
1:01:09 - 1:02:44 (01:34)
Summary
The concept of proof of work in blockchain involves introducing randomness to pick a collection of people to perform block making and prevent double spends. This is bundled with the proof of work system to determine who gets to append the next block to the blockchain.
ChapterThe Advantages of Proof of Stake Over Proof of Work in Cryptocurrency
Episode#192 – Charles Hoskinson: Cardano
PodcastLex Fridman Podcast
Karl Floersch explains how the design parameters of Proof of Stake can lead to decentralized systems over time due to the rising value of the currency leading to a more egalitarian distribution, as opposed to Proof of Work which tends to centralize power over time.
1:02:44 - 1:04:19 (01:34)
Summary
Karl Floersch explains how the design parameters of Proof of Stake can lead to decentralized systems over time due to the rising value of the currency leading to a more egalitarian distribution, as opposed to Proof of Work which tends to centralize power over time.