Electric Coin Company CEO and Zcash founder Zooko Wilcox proposed in a blog post today that the privacy coin Zcash should ditch its proof-of-work (PoW) blockchain and move to proof of stake (PoS).
“While there are many who prefer PoW, I believe that PoS would make ZEC more valuable to more people! The benefits are great, and they far outweigh the drawbacks and risks,” he said in the post.
Proof of work is a method that requires miners to use intensive calculations to solve tricky math problems. It works on the basis that the energy consumed by the network helps to keep it secure — since an attacker would need to expend a similar or greater amount of work to attack it.
Instead, proof of stake requires validators (the equivalent of miners) to put up collateral and take turns adding blocks to the blockchain. If they act maliciously, they can lose their staked funds. It has been a hot topic recently since it has a lower impact on the environment.
Wilcox noted that it’s down to the Zc
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