| Description | The traditional method for ensuring all nodes in a blockchain have the same data is mining, or proof of work (PoW). However, the electricity consumption of PoW is enormous, with Bitcoin using more electricity than some countries, such as Denmark. Various alternative techniques have been proposed and are currently in use, such as proof of stake (e.g., in Ethereum), proof of history (combined with proof of stake in Solana), and many more.
The goal of this project is to provide an overview of the different techniques that have been proposed and to give an in-depth description of how they are implemented in major cryptocurrencies. Additionally, the project will include simulations of one or more of these alternatives to proof of work to evaluate their effectiveness. |
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