#bitcoin

Proof of work vs proof of stake

Energy, in the form of electricity, is how bitcoin and ethereum transactions are validated today. The faster a “miner” can solve a math problem to approve a transaction, the more likely they are to be rewarded with some of the cryptocurrency. And they do that by using a bunch of computers all working together – hence, using electricity. That’s called “proof of work” and is the original idea behind the whole crypto thing. But there’s another idea that’s been catching on – proof of stake – and one that Ethereum has been planning to adopt for quite a while (there are other cryptocurrencies that already use this method). In proof of stake, a prospective validator puts up a stake (a given amount of the cryptocurrency) then one of the prospective validators is chosen algorithmically to validate the transaction. Once validated, another group (“attestors”) confirms and accepts the validation. This is an asttempt to rein in the massive electricity use.

Read more about it at https://www.technologyreview.com/2022/03/04/1046636/ethereum-blockchain-proof-of-stake if you’re interested.

Good analogies help understanding and hacking bitcoin with quantum computers

About half way thru the article explains superposition and entanglement using an analogy of spinning coins. It’s an interesting analogy and one that could help folks who don’t understand those concepts. Aside from that, the article is interesting because it discusses hacking bitcoin (or, more generally, a blockchain) and why more qubits are needed as a sort of error correction..
https://www.cnet.com/news/quantum-hackers-could-break-bitcoin-in-minutes-but-dont-panic-just-yet/