Proof Of Work Vs. Proof Of Stake: Why Bitcoin Won’t Change

Bitcoin’s consensus mechanism, the proof of work (PoW), tends to provoke divisive opinions in society. While some argue that it is a key aspect of Bitcoin’s success, others argue that the network would retain most of its properties while reaping new benefits if it switched to alternative consensus mechanisms such as proof of participation (PoS).

This discussion came to the fore this week as two diametrically opposed events took place almost simultaneously: the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, and the Oslo Freedom Forum (OFF) in Oslo, Norway.

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