The algorithm described by the article is actually the base of Ethereums planned "Casper" algorithm and also of the mechanisms known as "DPoS" (Delegated Proof of Stake) like Bitshares, and Tendermint. So they are nothing new or "limited to business-oriented projects". Also Byteball has something similar but even more centralized.
Most of these algorithms have their own problems. Systems with a limited number of members (Byteball, Bitshares) are vulnerable to social engineering attacks - the smaller the number of validators, the more centralized to "trusted users" (=the more similar to PayPal) or the more vulnerable the system becomes. The interesting systems are the ones like Casper where the number of validators is not limited, but even then I read that there are possibilities for the system to come to a halt if forking is not allowed.
Topic: [2017-05-03]The Byzantine Alternative for Bitcoin and Ethereum (Read 454 times)
It's a very good question but the market will give all the answers
Non-renewable energy will used for as long as it's the cheapest energy source to use. That's not Bitcoin's fault, it's governments' fault for avoiding subsidies on renewable energy sources and encouraging investment into the sector.
Bitcoin isn't 100% non-renewable anyway. Look at NastyMining for example.
Bitcoin isn't 100% non-renewable anyway. Look at NastyMining for example.
ETH should move to PoS which will mean that they won't consume to much energy in order to run their network. As it goes for bitcoin, it will still continue to do so, as I don't think that there are any plans (at this moment) of changing that.
But I must agree that this is one flaw back, its not the huge one but still.
But I must agree that this is one flaw back, its not the huge one but still.
The unprecedented financial success of projects like Bitcoin and Ethereum often hides the fact that both enterprises essentially live on borrowed time due to the energy inefficiency of their platforms.
Bitcoin alone is estimated to consume as much energy as Denmark by 2020. While the nordic nation is mainly powered by renewables, this cannot be said about the overwhelmingly Chinese mining farms, upholding the BTC empire.
The full article : https://coinidol.com/the-byzantine-alternative/
Bitcoin alone is estimated to consume as much energy as Denmark by 2020. While the nordic nation is mainly powered by renewables, this cannot be said about the overwhelmingly Chinese mining farms, upholding the BTC empire.
The full article : https://coinidol.com/the-byzantine-alternative/
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