this post was submitted on 11 Mar 2025
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[–] Irelephant@lemm.ee 10 points 2 days ago (1 children)

Like, crypto in general sucks, but digital anonymous money transfer is almost impossible without it.

[–] cm0002@lemmy.world 26 points 2 days ago (2 children)

The underlying tech is actually very cool and neat, unfortunately it got co-opted by cryptobros and bastardized :(

[–] sem@lemmy.blahaj.zone 7 points 1 day ago (2 children)

So energy intensive though. There has to be a less wasteful way to do proof of work

[–] Knock_Knock_Lemmy_In@lemmy.world 2 points 1 day ago (1 children)

Most of the 2nd and 3rd generation blockchains are much less energy intensive (although still more than a home PC).

For example, Ethereum could be run on the energy equivalent of a single wind turbine.

[–] sem@lemmy.blahaj.zone 6 points 1 day ago (1 children)

Iirc etherium is proof of stake

Correct. Proof of stake is much more efficient than proof of work, but electricity is still needed to run 24/7 the million validators securing the network.

[–] AnyOldName3@lemmy.world 2 points 1 day ago (1 children)

Ethereum's been proof-of-stake rather than proof-of-work for couple of years now, so it's no longer energy intensive.

There inherently can't be a way to make proof of work lies wasteful as long as there are people who want to do the work. If you make hardware more, then it makes it cheaper to do the same amount of work, so people buy more hardware and do more work and more power gets used. If you make hardware less efficient, people just use the old hardware. You have to abandon proof of work altogether and switch it to something else that isn't inherently tied to energy usage.

[–] sem@lemmy.blahaj.zone 2 points 1 day ago (1 children)

I was hoping the work could be to solve protein folding or something.

But I guess that's not how the 'crypto' part could ever work.

[–] Sickduck@lemmy.dbzer0.com 2 points 1 day ago

Check out gridcoin. They tried tying that to science projects.

[–] Irelephant@lemm.ee 8 points 2 days ago

You took the words right out of my mouth! I think the blockchain is a very neat technology, but cryptobros completely ruined that.