Crypto currency has a lot of advantages, which is why China is looking to introduce a nationally-backed crypto in the near future. Instantaneous feedback on how all of your financial systems are operating, where the money is going and where it's pooling, etc. It basically makes it impossible for any enterprise to cook the books.
The main problem with crypto like bitcoin is the "mining" process, which was designed to limit the supply basically by wasting electricity. A nationally-backed crypto could just be issued at an arbitrary rate (much like printed money) without wasting several countries' worth of electricity, which is advantageous.
I mean they're already rolling out proof of stake on ethereum & other alternatives exist. Mining is the worst.
Just make an incentive structure where it's in everyone's best interest to observe the rules of the protocol & distribute that power as widely as possible.
Crypto currency has a lot of advantages, which is why China is looking to introduce a nationally-backed crypto in the near future. Instantaneous feedback on how all of your financial systems are operating, where the money is going and where it's pooling, etc. It basically makes it impossible for any enterprise to cook the books.
The main problem with crypto like bitcoin is the "mining" process, which was designed to limit the supply basically by wasting electricity. A nationally-backed crypto could just be issued at an arbitrary rate (much like printed money) without wasting several countries' worth of electricity, which is advantageous.
Just replace Computer mining with people sitting in the room solving sodokus, and whoever solves it first gets the coin.
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I mean they're already rolling out proof of stake on ethereum & other alternatives exist. Mining is the worst.
Just make an incentive structure where it's in everyone's best interest to observe the rules of the protocol & distribute that power as widely as possible.