Proof-of-Work Doesn’t Solve Every Blockchain Use Case
Alternative use cases for a blockchain, existing alternatives to proof-of-work, and a case for why we need new consensus mechanisms.
The Bitcoin white paper was published 11 years ago today, on Oct. 31, 2008, meaning that Bitcoin (BTC) is celebrating its 11th year of existence. From its humble beginnings to over a $300 billion market capitalization in 2017, the success of Bitcoin is truly a remarkable accomplishment.
What is Bitcoin? A question with many answers. Digital gold, magic internet money, a hedge against macro risk, tulip mania? One thing is for certain, Bitcoin found a product–market fit as a new form of money owned by the people. The Bitcoin brand is well known around the globe, the userbase is growing fast, and it continu