Bitcoin Q&A: The value of proof-of-work



Can a blockchain exist with out miners, proof-of-work, or blocks? What are the implications for safety, trustlessness, and decentralisation? Not all distributed ledgers are blockchains. What’s the affect of different vitality era on mining in proof-of-work cryptocurrencies? Ought to we use different algorithms that generate “helpful work” along with mining cryptocurrencies? The onerous guarantees that Bitcoin gives are useful and helpful in themselves. What’s the distinction between proof-of-work and proof-of-stake?

Notice: These periods have been recorded dwell utilizing Google Hangouts. The audio and video could also be barely out of sync at some factors.

These questions are from the MOOC periods 7.2 and eight.2, protecting the Byzantine Generals’ Downside, which came about on February 26th 2017 and September 15th 2017 respectively. Andreas is a educating fellow with the College of Nicosia. The first course of their Grasp of Science in Digital Forex diploma, DFIN-511: Introduction to Digital Currencies, is obtainable free of charge as an open enrollment MOOC course to anybody thinking about studying in regards to the elementary ideas.

If you would like early-access to talks and an opportunity to take part within the month-to-month dwell Q&As with Andreas, grow to be a patron:

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Andreas M. Antonopoulos is a technologist and serial entrepreneur who has grow to be one of probably the most well-known and revered figures in bitcoin.

Comply with on Twitter: @aantonop
Web site:

He’s the creator of two books: “Mastering Bitcoin,” revealed by O’Reilly Media and thought of the most effective technical information to bitcoin; “The Web of Cash,” a guide about why bitcoin issues.

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31 comments

  1. Thanks Andreas!
    Forever grateful for your wonderfully enlightening talks on Bitcoin tech!
    RESPECT!

  2. How do you calculate the watts of energy a single bitcoin represents at any one time?

  3. Mr. Antonopoulos, did you have a chance to see what hashgraph is doing? can Hashgraph become a competitor of Bitcoin block chain ?

  4. Without question, you are the True! #Bitcoin #Jesus..👍😊

  5. When you use Miner to generate usable Heat Mining is a costless waste Product. You can do it all over the World and make Mining decentralized. To wate the heat is maximal dumb.

  6. What is the effect of merged mining with bitcoin? I have seen a few references on reddit about how Elastos, which will begin merge mining with bitcoin in december, will benefit.

  7. Perfect! Loved this video!!!!! Finally something to shut those ICO-praisers up. xP

  8. The mannnn 👌🤙🏻 you will be forever remembered in history my friend

  9. What about delegated proof of stake

  10. Rewards are not needed, running a Delegated Proof of Stake node cost about nothing, NANO is a good example, there's no rewards but still thousands of representatives and they are happy to do it to get "trust votes" and for the network. Rewards lead to corruption and centralization.

  11. Andreas, one more thing: once you said "regulation of the protocol itself is not possible at this time" to Australian Senate… that scared me! Were you avoiding them to know that is not possible or is it possible and may happen after all?!?!?

  12. I’m guessing 2013-2014

  13. Love listening to your videos – thanks! imho for bitcoin to become the P2P currency we all need, it would seem that people need to be educated on the names of the units of the fractions of bitcoin like the Satoshi. Yen, franc, pound, dollar, quarter, dime, nickel, penny, etc… are memes that have been around for a long time – some for a very long time – and people need memes to attach a value to, which will take bitcoin to the next level. The units given at https://en.bitcoin.it/wiki/Units are silly and not easy flowing terms. Maybe we could get a list of suggestions and bring it to the core bitcoin community for consensus approval. Once unit names are established they should be incorporated into all crypto apps so people see "10 millis" or whatever amount they're transacting with to begin getting used to the terms. You have to admit saying these tomatoes are 10 bitcoin-ton or .00040960 bitcoin or even 40,960 Satoshi a pound isn't very catchy. I'm sure the millennials would have lots of creative, catchy terms to use that would resonate with their generation. Having the ability to value, both mentally and verbally, goods in terms of bitcoin will go a long way towards bringing it out of the shadow of being valued in terms of other currencies. Bitcoin needs its own terms of valuation. What do you think?

  14. What are some genuinely good business solutions people can implement to add value to the Bitcoin Network? Can you go over different business solutions for different countries?

  15. Also, I am very thankful you only called coal dirty and not nuclear power 🙂 molten salt reactors for the win

  16. Are other Distributed Ledger systems like Hyperledger are a threat to public blockchain? or will they help?

  17. If you search the word "crypto" as a prefix, it means, "concealed; secret". I'm not sure why I just now realized that. Whomever "coined" the term "cryptocurrency" certainly did not want us to forget it's true purpose. Any coin or token that is not truly private does not deserve to be called a cryptocurrency. 😉

  18. if you lowered the difficulty, then did a lottery of shares, the blocks would be just as safe

  19. Could it not be said that miners are a 3rd party? What about miners pooling together and making up 51% or more of the total? Not much different than one entity having 51% or more of the nodes in proof of stake

  20. Love the channel and appreciate it's information, but the answer about energy is wrong in so so many ways! Yes, blockchain and cryptocurrencies have many great potentials and characteristics but saying it subsidizes solar and other renewables is just plain false. How many mining operations turn off thier rigs as soon as the sun goes down, or on cloudy days, or whenever the wind is not blowing?

  21. Thank you Andreas! There is plenty of energy all around us. We just need the incentive to tap into it and thanks to Bitcoin, now we do. Thirty years from now Africa can grow as dramatically as China–Bitcoin mining and solar panels everywhere! Replacing the corrupt fiat money with real value and fairness is worth the energy consumed!

  22. Renewable energy is shifting rapidly to being stored in batteries at low peak demand hours. While that shift will be good for expanding the use of renewables, the positive economic case that you present for solar won't exist much longer. So we still very much need to shift to a proof system which does not use large amounts of energy.

  23. Bitcoin's security is based on the strength of the SHA256 algorithm, not a bloody promise of the commitment of energy. The security is technical, not social.

  24. Solar energy: The cost of mining equipment force the investor to mining 24/7. The mining equipment will be obsolete over time so the investor can not just mine some hours around noon. It means that when the mining is installed then the over all energy consuming in ampere and watt will be higher out of sync with the energy production from solar.

    The solar panel can be connected to the grid and the energy can be transported to the placed where the demand is.

  25. Or you can sell energy generated during the day hours to the electricity grid since solo mining isn't using up that much energy and isn't that profitable?

  26. It came to my mind that one of the best places to earn bitcoin on earth is probably the sahel region. Thank you for explaining how the uselessness of bitcoin POW outside of bitcoin is actually an important security feature of bitcoin.

  27. Check out NANO dPOS Block Lattice