Andreas Antonopoulos - April 16, 2018

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

Can a blockchain exist without miners, proof-of-work, or blocks? What are the implications for security, trustlessness, and decentralisation? Not all distributed ledgers are blockchains. What is the influence of alternative energy generation on mining in proof-of-work cryptocurrencies? Should we use alternative algorithms that generate "useful work" in addition to mining cryptocurrencies? The hard promises that Bitcoin provides are valuable and useful in themselves. What is the difference between proof-of-work and proof-of-stake?

Note: These sessions were recorded live using Google Hangouts. The audio and video may be slightly out of sync at some points.

These questions are from the MOOC sessions 7.2 and 8.2, covering the Byzantine Generals' Problem, which took place on February 26th 2017 and September 15th 2017 respectively. Andreas is a teaching fellow with the University of Nicosia. The first course in their Master of Science in Digital Currency degree, DFIN-511: Introduction to Digital Currencies, is offered for free as an open enrollment MOOC course to anyone interested in learning about the fundamental principles.