Proof of Work Vs. Proof of Stake: Why Bitcoin Won’t Change

"As politicians and environmentalists have argued Bitcoin should move away from proof of work, they miss what makes the network so innovative.

Bitcoin is undergoing an attack pressuring to change its consensus algorithm from Proof of Work to Proof of Stake.

Organizations such as the World Economic Forum and Greenpeace are using propaganda techniques like the slogan from their latest campaign, "Change the Code, Not the Climate".

However, this proposal to change consensus mechanisms is dead on arrival, as it undermines the complete objective of having a monetary network which is not easy to manipulate.

The Proof of Work consensus mechanism forces the system to be tied to the physical world by relying on energy expenditure.

It allows everyone to decide on the correct state of the ledger with no human sight or governance by validating the network with a node.
This is the true innovation of Bitcoin.

On the other hand, Proof Of Stake could be seen as a fancy way to referring to shareholder governance or a stakeholder-led system where effectively your ownership of the system determines your authority of the system, according to Nic Carter.

In other words, Proof Of Stake, seems akin to the current monetary network we live in."

What are your thoughts? Let us know what you think in the comments section below.

Source: Bitcoin Magazine

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