No serious financial institution can support the energy wastefulness of Proof of work. The extreme power waste does not fly in a world combating global heating and excess wastefulness. To be caught sporting that kind of waste would be bad optics.
That means there has to be a new process for Proof of Work. With the current way of doing Proof of Work, AKA Mining, the energy used is simply wasted. People are dying of starvation around the world and the crypto-community are still advocating for wasting energy in a irresponsible manner with the PoW setup. Some are looking for PoS and DPoS as a possible solution… In my opinion it only gives power to the biggest holders making it nullifying the idea of decentralization.
Fortunately there is a new way of doing Proof of Work.All our lives is based on various of transactions, internet is based on transactions, cryptocurrencies is based on transactions, so doing a proof of work as a ‘Proof of Transaction’ makes much more sense.
Have a look at this paper, it explains the concept.
https://github.com/quantum1net/Documents/blob/master/Q1N%20Product%20Description.pdf
