March 24, 2022

Cryptology ePrint Archive Details PDF

Abstract. Proof-of-stake algorithms implemented as distributed consensus mechanisms in the base layer of blockchain networks are defective cryptosystems by nature. By trying to improve the energy efficiency of blockchains using proof-of-work in the consensus mechanism, proof-of-stake is introducing a set of significant new flaws in both monetary and governance models. Such systems are plutocratic, oligopolistic, and permissioned.

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