Satoshi chose proof of work. Contrary to proof of stake or other governing mechanisms, it’s powered by capitalist mindset that must compete in the open which also prevents it to cheat. That’ll drive everyone who wants to work to prosperity and freedom.
Post by twetch#13821
You're not wrong. Blockchains that support second layer tokens also allow for a wide variety of capital definitions, from traditional to otherwise.
This is where the freedom opens up, and it's not incompatible with Satoshi's first level settlement layer.
What the chain says
- Block
- 618 487
- Time
- 2020-01-20T17:42:55Z
- Signer
- 1JLButMZPU7xu2PUBPxekTcpJKPzZuaTuZ
- App
- twetch
- Type
- reply
- Content type
- text/plain
- Name in tx
- twetch#13821
Fields the transaction did not carry are omitted. Open the payload to see the bytes as stored.
Signed by
1JLButMZPU7xu2PUBPxekTcpJKPzZuaTuZ VerifiedReplies (4)
For instance, let's say you're using tokenization to instrument a smart grid. Does it matter to your smart meter and lightbulb that your token has a monetary value? Or is it more important that it has a kw/hr value?
Best if your token has it's own intrinsic value for work/info it carries. It is only bound to the monetary value so it can't be cheated.
Intrinsic value isn't as important as is measurable value. Whether that value is measurable in some fiat abstraction is not necessary.
Word. We just needed a proper scaling on the byzantine fault proof decentralized main contract layer so we can program against it fast and cheap and then we can start to use merkle proofs on the application layers as well. So many open doors here.