Crypto assets hobbled by proof of work, finds BIS economist
Raphael Auer says bitcoin payments could take “nearly a year” to become truly final
Payments made in crypto assets are fundamentally hampered by the need for proof of work, according to research published by the Bank for International Settlements.
Raphael Auer writes in a new working paper that a “key innovation” in bitcoin was to charge for updating the blockchain with a new transaction (a sort of payment fee), and simultaneously to pay the “miners” who do the updating. The “proof of work” is the demonstration the miners have put in the effort and need payment.
The system
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