Low-Energy Blockchain Proofs

Discussion

Helen Zhao:

Proof-of-Useful Work

"Sirer's team at Cornell is developing a green blockchain algorithm called Proof-of-Useful Work, in which the next computer to validate a block and collect new coins is chosen based on energy expended performing a useful function in the real world.

"For example they might be trying to do protein folding. 'Look, I worked for 10 minutes and solved so many protein fold efforts and that should entitle me to add a block to the end of the blockchain,'" Sirer said.

Algorand's public blockchain based on Proof-of-Stake

His team faces competition from MIT professor of engineering Silvio Micali. Launching its currency in May, his startup Algorand developed a public blockchain that runs on a version of proof-of-stake, which drives electricity consumption to almost zero, Micali said. The blockchain can process thousands of transactions every few seconds, he said.

The money Algorand saves in electricity costs are then passed on to those who transact using the blockchain, resulting in much lower fees than when transacting with bitcoin, Micali said." (https://www.cnbc.com/2018/02/23/bitcoin-blockchain-consumes-a-lot-of-energy-engineers-changing-that.html)

More information

See also: Proof-of-Work-by-Renewable-Energy

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