Preventing 51% attacks. Maybe also others. And for the environmentally minded people, there’s also the reason to decrease the power consumption. I heard a region of China has banned new mining facilities because of their energy consumption. If that continues, 51% attacks may become easier again unless more blockchains switch away from proof of work.
See that’s why I asked what’s the incentive to switch to proof of stake and not why it’s better. Like with climate change, this is a coordination problem.
Good point. A broad switch away from proof of work (as it seems to be happening) may change that dynamic.
What incentive is there for a broad switch to proof of work?
Away from proof of work. :-)
Sorry that’s what I meant to ask
Preventing 51% attacks. Maybe also others. And for the environmentally minded people, there’s also the reason to decrease the power consumption. I heard a region of China has banned new mining facilities because of their energy consumption. If that continues, 51% attacks may become easier again unless more blockchains switch away from proof of work.
See that’s why I asked what’s the incentive to switch to proof of stake and not why it’s better. Like with climate change, this is a coordination problem.