Bitcoin: Proof of Work vs Alternatives (2008)
by Anonymous
Satoshi Nakamoto chose Proof of Work as Bitcoin's consensus mechanism, requiring computational energy to validate transactions. This made Bitcoin secure but energy-intensive, sparking ongoing debate about alternatives.
Proof of Work
2008
year
Computational puzzle — 51% attack requires majority of hash power
security model
Enormous — rivals small countries
energy use
Chosen for Bitcoin — proven secure for 15+ years
outcome
Proof of Stake
Theorized later
year
Validators stake coins as collateral
security model
Minimal
energy use
Adopted by Ethereum in 2022
outcome
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