Proof of Stake | Can new algorithms make cryptocurrency more sustainable?

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#altcoins #bitcoin #ethereum

The type of algorithm a blockchain uses has a dramatic effect on energy demand. Proof of Work (PoW), the current standard used by Bitcoin (BTC), Litecoin, Dogecoin, Dashcoin, and others is designed to utilize a ton of computing power to verify transactions and likely isn't sustainable at its current pace of growth. Several Altcoins, including Ethereum, Cardano, Peercoin, and NXT are adopting a Proof of Stake (PoS) protocol to help reduce the carbon footprint of their respective networks. PoW and PoS are just two common algorithm protocols, so let's explore some the costs and benefits to see how advances in cryptocurrency blockchain technology may impact our environment in the years to come.

TIMELINE:
0:00 start/intro
0:52 blockchain basics
1:23 What is Proof of Work?
2:38 What is Proof of Stake?
4:14 Benefits (pros) of PoS
6:56 Drawbacks (cons) of PoS
8:21 Other consensus algorithms
9:07 Summary and Conclusions

**DISCLAIMER** This is not financial advise nor an endorsement of any particular cryptocurrency, technology, or security. This video simply explores how different blockchain approaches affects energy demand.

REFERENCES:
Digiconomist: https://digiconomist.net/ethereum-energy-consumption
Bitcoin energy estimates: https://bitcoinmagazine.com/articles/introducing-cbei-a-new-way-to-measure-bitcoin-network-electrical-consumption
Dwork, et al: https://link.springer.com/content/pdf/10.1007%2F3-540-48071-4_10.pdf
PoW vs PoW: https://blog.bybit.com/learn/blockchain/proof-of-stake-vs-proof-of-work-differences/
PoW coins comparison: https://www.bitcoinmarketjournal.com/pow-coins/
Other types of consensus protocols: https://www.verypossible.com/insights/pros-and-cons-of-different-blockchain-consensus-protocols
Byzantine Agreement/Stellar XLM: http://www.scs.stanford.edu/~dm/blog/simplified-scp.html
Crypto wallet and info: https://www.coinbase.com/

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