Question: Bitcoins Proof of Work (POW) consensus mechanism has several problems: It is environmentally taxing. It is vulnerable to the 51% attack. If miner(s) take over
Bitcoins Proof of Work (POW) consensus mechanism has several problems: It is environmentally taxing. It is vulnerable to the 51% attack. If miner(s) take over 51% of the hashing (guessing) power, they can dictate what truth is. There is no mechanism to penalize any malicious miners beyond the high cost of attempts. It does not scale well since every node must process every transaction. Sharding the network might increase efficiency but lower the security.
Lets try to design a better Proof of Work mechanism together andlets name it PoWW.
QUESTION1) Propose a new type of work such that this works outcome is moreuseful than the PoW.
QUESTION2) In which way the work can be proved in PoWW?
QUESTION3) What would be an estimated time of proof for that work you havesuggested? Will it be longer than PoW or not?
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