Proof-of-Balance better than other blockchain based protocols ?

[thesmallgod]

The National Science Foundation, an independent U.S. federal government agency, has granted private blockchain startup KRNC a $225,000 grant to build crypto functionalities for the dollar at a period when the digital dollar is a subject of public debate.

The CEO of KRNC (https://www.krnc.io/), Clint Ehrlich is a regular critiques of Bitcoin and other cryptocurrency. He believes Bitcoin, which runs on the principle of Proof-of-Work, is wasteful," Ehrlich said. "It requires people to waste money and computing power solving pointless problems." KRNC protocol is touted to be based on his own invention called "Proof-of-Balance"
Source: https://www.binance.com/en/news/top/123579

Anyone understand what this "Proof of Balance" ?
What makes it better than other protocols such as POS and POW ?

[baro77]

Anyone understand what this "Proof of Balance" ?

if the collateral was another crypto maybe it could have been something interesting like Blockstream's Proof of Reserve:
https://blockstream.com/2019/02/04/en-standardizing-bitcoin-proof-of-reserves/

however the article states:

KRNC would take the approach of measuring the assets that people already own, like the dollar, and assigning voting power in proportion to an individual’s existing wealth.

..so I guess they just will check your bank balance via a recurring permission to query your account (recurring because they should burn part of your tokens if your balance get lower compared to the originally collateralized amount)... if that's the case, the naming "Proof of" I think is just marketing...

Or, even worse, you simply buy their token, in a Tether-ish way

Bye!