According to Alex Gladstein, the Chief Strategy Officer at the Human Rights Foundation, Bitcoin may face increasing pressure to switch its consensus algorithm from Proof of Work to Proof of Stake.
Gladstein made the comment in response to an MIT Technology Review post on March 2, in which he praised Satoshi Nakamoto, the founder of Bitcoin, for creating a network that offers strong incentives and links the existing monetary system and network security to benefit end-users' self-interest.
The public cry for Bitcoin to “switch to Proof of Stake” (so that it could be controlled) will only heat up in the coming months and years
— Alex Gladstein 🌋 ⚡ (@gladstein) March 2, 2023
Grateful to Satoshi for designing Bitcoin with such great incentives that link monetary policy and network security to user self-interest 🙏 https://t.co/coDEHP80CA
Proof of Work (PoW) and Proof of Stake (PoS) are two consensus mechanisms used in blockchain networks. PoW requires validators to perform complex calculations to create new blocks and validate transactions, while PoS validators are chosen based on the amount of cryptocurrency they hold and stake in the network. PoW is more energy-intensive and can be susceptible to centralization by mining pools, while PoS is more energy-efficient and secure. PoW rewards validators with new cryptocurrency as a reward, while PoS validators earn transaction fees. PoW is used by networks such as Bitcoin and Ethereum, while PoS is used by networks such as Cardano and Tezos.
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