Decentralized systems have been in the ‘limelight’ only recently, specifically blockchain. In the daily lives of people, the understanding that something can be managed in a decentralized manner is a topic that has just begun.
The technology has never been pushed to evolve to satisfy the need that this tech is going to have. PoW has been the first invention, it has proven to work in terms of Bitcoin, and it has never been attacked or hacked.
Is the crypto you’re currently HODLing based on Proof of Work consensus algorithm? If yes, you might be interested in watching this debate on ‘Is Proof of Work the ultimate use case for all blockchain use cases?’.
The participants discuss some important potential attack vectors and the reasons why PoW, after all these years, might or might not be the ultimate answer for all blockchain solutions.
On one side, John Lee Quigley (Founder of Adaptive Analysis) and Stevie Zollo (developer with OpenBazaar) present their arguments why PoW is the only way to go.
On the opposite side, Barton Johnston (CTO of Blockchain Zoo) and Heriyono Sim (Technical Associate at Blockchain Zoo) present their arguments on why PoW is not the best consensus algorithm for real-life use cases.
Let us know your thoughts on this topic in the comments below the video here.