Author: Gigi
By definition, a decentralized system does not have a single source of truth. The breakthrough Satoshi Nakamoto achieved was that he created a system in which all participants independently focused on the same truth. It is Proof of Work that makes this possible.
The significance of proof of work is that it can create a history that cannot be overturned. If two histories compete, the one with more work wins. By definition, the chain with the most work is the truth, which is what we call the Nakamoto consensus.
Why use workload as an indicator? In short, because doing work requires energy. You can't falsify, spoof or lie about it. The proof of work is reflected in the results of the work.
In the Bitcoin network, work refers to computation. Not all calculations, but specifically those that don't take any shortcuts: guesswork. There is no shortcut because there is no progress in this calculation. Every guess is a brand new guess.
Best of all, the workload itself is included in the calculation. The data is self-evident: the calculation result is an established fact, and there is no need for an external subject to tell you the fact. Because of the probabilistic nature of guesswork, the data implied the amount of work that went into it.
Other mechanisms, such as Proof of Stake, do not share this property. You can never be sure that what you see is the truth, because there is no cost outside the system to create another truth.
Computing is the only bridge connecting the information world and the physical world. When it comes to processing information, all we have is information and transformations of information: that is, computation. Computing consumes energy. Energy is the bridge. Energy is real.
If you cut off one end of the connection to the physical world, you'll remain in the illusion forever: you won't be able to tell what's really going on. You have to trust other people to tell you what happened. You can't verify it yourself. You have to rely on trust.
There are many other problems with Proof of Stake, such as the fairness of validator election (who decides how?), the natural centralization tendency (more stake = more rewards = more stake), and the lack of time-stamp manipulation attacks. natural resistance.
Proof of Work can solve these problems. It can decentralize the electoral process, creating physical proof of what has happened; it can decentralize the work of telling the time, with real out-of-system costs.
Link: Bitcoin is the clock (Chinese translation)
As for whether proof of work is a waste of resources, before answering this question, we must first understand what problem proof of work solves. If you understand the problem correctly, you know that there is no other trustless solution.
So, the question becomes: What good is trustless digital sound money? Is it worth so much energy consumption?
If you're building things like refrigerators, cars, and smartphones, society will think it's worth it. If it were Bitcoin, those who understand the social benefits of censorship-resistant sound money would say yes, too.
All in all, Proof of Work is not only useful, but critical. Without it, a trustless digital currency simply cannot function. We cannot do without an anchor that connects the physical world. Without this anchor, we cannot create a self-evident trusted history. Energy is the only thing we have on hand that can act as an anchor.
Proof of Work = trust physics to decide what happens
Proof of Stake = trusting people to decide what happens
My sympathy goes out to anyone who thinks Bitcoin is a waste. I used to think the same way, but I changed my mind. Like most people, I knew nothing about (sound) money at the time.
Link: Bitcoin's energy consumption - my changing perspective
In a potentially hostile decentralized system, the problem of how to agree on time cannot be perfectly solved, even in theory. Proof of Work, a practical probability-based solution, can just solve this thorny problem.
Original link:
Original link:
https://twitter.com/dergigi/status/1392826448017346561
