If you are not obsessively trawling crypto chatrooms like most people, the terms ‘Proof of Work’ and/or ‘Proof of stake’ probably mean little to you.
However, there are 3 crucial reasons you need to care which type of blockchain you are using, and why these terms really should matter to you!
1. The Environment
You probably know that mining bitcoins and cryptocurrency uses vast amounts of computer resources, but this means power at its most basic. Mind-blowing amounts of power. Business Insider (https://lnkd.in/eQRExzVd) published in 2021 that Bitcoin mining consumes 0.5% of all electricity used globally which is 7 times Google’s total usage. You can assume this number is increasing possibly at an exponential rate.
2. The Law
The European Union is reportedly looking to ban ‘Proof of Work’ from blockchains physically distributed in the EU, and there is talk of the US working on similar legislation also from [Business Insider] (<https://lnkd.in/efrwzr3g>)
3. Internet 3.0
OmniIndex technical preview – OmniIndex’s patented technology for homomorphic and encrypted symmetrical search can now be accessed and distributed using a ‘proof of stake’ blockchain.
Written by James Stanbridge.