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February 10, 2018, 08:16:57 PM |
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Proof of work may not be perfect, but it is simple and due to the incredible hashpower at play, the POW consensus algorithm of Bitcoin provides the highest security of any such system in the world.
The purpose of Bitcoin using alot of energy is to make it hard to defraud the network. The value of Bitcoin is the measurement of the benefit it provides to civilization and is quantified by the security of the distributed ledger. Therefore, Bitcoin must always use a very large amount of energy regardless of advancements in efficiency.
The challenge to increase efficiency of Bitcoin energy consumption is not to reduce consumption and destroy hashpower, but to harness the security of the immutable data within its blockchain to the fullest extent.
This is in large part achieved by increasing adoption and ownership of Bitcoin. The more people that benefit from it, the more efficient the expenditure of energy. This takes effect doubly, due to the lowered relevance of the legacy fiat money system and its byzantine mechanisms that exact their heavy toll in blood and misery.
But Bitcoin the currency is not all that the blockchain can accomodate. Bitcoin can provide a global registrar of the highest authority to authenticate any type of data for any purpose while receiving payment in BTC, distributed among miners and reducing transaction fees.
Registration can range from affordable to expensive, and is graded depending on the size of the payment made to the network. The data being registered, along with the weight value of the registration are hashed into a cryptographically derived checksum which is recorded onto the blockchain.
Like with general adoption and usage, the increased exploitation of this resource that already exists within Bitcoin makes more efficient use of energy being spent to secure the blockchain, and saves real energy currently being wasted away in the inpenetrable depths of the hideous malignant bureaucratic tumors that have left society bedridden.
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