Proof-of-Work should actually be called Poof-of-Work…
Aug 4, 2022
…because technology progress curve is not smooth, it consists of many steps some of which are pretty large (GPU mining - FPGA mining - ASIC mining). And quantum computer mining based on Grover’s algorithm will be able to rewrite the whole history of Bitcoin mining within 10 minutes. Checkpoints are used as a counter-measure to Poof-of-Work, but they won’t save against a 6-block chain reorganization. We (ordinary users who got used to cash) need finality and the only known way of achieving it in decentralized systems is quorum decision. Completely decentralised currencies are probably impossible but Qubic combines everything that the humankind knows (from Byzantine generals problem to yet-to-be-revealed algorithms invented by the author) to bring finality (and avoid Poof-of-Work problem) to those who need a decentralized cryptocurrency and smart contract platform.