WILL BITCOIN MOVE AWAY FROM PROOF OF WORK?
In order to move bitcoin from one wallet to another one, it has to go through the process set in place for the miners to broadcast that transaction. When everything is through it will be part of an immutable blockchain where the transfer can be seen by the world through the public wallet addresses. This action exist for all crypto currencies. The same action is done for #hive, BTC, ETH, #leo and many more. The way the action differs by how the application is operated. For #hive it uses delegated proof of stake while #btc is proof of work.
Just trying to explain how each system works, demand on itself more explanation to show how technology embedded with smart application to a certain degree smart contracts run crypto currency we all love to use these days. #btc itself uses the most robust system in place. Proof of work that #btc uses today is getting so out of hands for people like you and I to run. More folks using bitcoin more energy is needed for the miners to keep it secure.
Mining bitcoin is very demanding on the electricity needed to run the network via the miners. Apart from the special computers you need, the energy is gigantic for the network. #btc value derives clearly for this business established around the world. Unfortunately many companies providing electricity for BTC, do not use clean energy. We all wish to see BTC is mined by solar, wind, water energy. This is not the case around the world. The dilemma from couple months ago was a small tip to that equation.
When you compare the energy to get gold compare to BTC, at the rate we are heading BTC is not energy friendly to say the list. While gold when it is done require near zero energy, bitcoin is energy driven at all time. The nickname gold 2.0 is clear statement BTC is about to conquer everything where asset is needed. I guess this issue at first needs resolution. We have another problem, change is the least we need for BTC. Changing from #pow to #pos is a mind blowing change for the blockchain and all parties involved.
When there is money involved, humans being react erratic to change away from how they behave. Thinking about the future of BTC with proof of stake in the mind of many for sustainability. Just an opening for Hive running a delegated proof of stake, you can see how the miners are trying every hard fork to maintain the energy efficiency for long term. It is still a work in progress. As a whole all crypto currencies need energy to be a thing. BTC as pow, as it is growing require right now too much of the bad energy for the miners to earn something back.
As BTC enriches in value, it might become necessary for all parties involved to find the consensus to change from POW to POS or a new algorithms to mine and process btc securely. Anything with technology always amazes me cause it is still changing for the better. Every time I use Hive blockchain to do any transaction, it is so helpful to see the value of resource credit and how the network understands how to compute with and through your Hive power.
BTC will not change by itself, the same miners will find ways to move on or find clean power for now to bring value to the network. While I am thinking about BTC, you can see how Ethereum is moving from the same algorithm for another reason. BTC could benefit from this experience and prepare itself to stay in the forefront of crypto advancement. This issue allows other cryptos to stay put and benefit from their efficiency to grow their community.
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