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Solarpunk and web3
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this post was submitted on 08 Mar 2024
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While I do agree that web3 id 99% crypto bro marketing, the fact that it requires a lot of energy is due to the kind of validation algorithm used, and this is not true for all cryptos.
Bitcoin for example use Proof Of Work, which by design requires a lot of energy, but some blockchains use Proof Of Stake validation, which requires a minimal amount of power to work
Doesn't that just formalise "rich people get paid to be rich" leading to inequality
Proof of stake means the more you put into the stake the more likely you are to take the transaction fees, which is a positive feedback loop that concentrates the wealth towards whoever started with the most.
I know that most of the protocols have implemented some systems to avoid having one person controlling everything, but I don't know much about them
Proof of Stake aka whoever has the most money controls the entire system. Amazing!!