Is it correct to say that PoW is only a method that serves to make it very unlikely that many solutions coexist in parallel for the same block?
No. PoW is a method by which an amorphous mass of participants select one participant to provide an order (a sequencing) for transactions in a way that all nodes can each independently recognise, test and accept.
And so is it a great way to converge to just one chain?
That is an objective that it has succeeded in over the last decade or more.
And that the fact that it is energy-intensive is just a side effect?
No, the energy intensiveness is an inevitable consequence of the PoW method and Bitcoin's success in terms of the financial value of block-rewards and transaction-fees.
I don't think there is a known different PoW algorithm that would not cause total work rate to rise until it's cost approaches the value of the rewards.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments