Hacker Noon June 17, 2019
What comes after Proof of Work?
Since the creation of Bitcoin by Satoshi Nakamoto in 2009, Bitcoin has transformed how the world thinks about money, privacy, contracts, and more.
Launched as an experimental, decentralized form of money, Bitcoin has been instrumental in providing a foundation for innovation and has inspired today’s smartest minds to continue improving upon the revolutionary applications of cryptocurrency and the Blockchain.
While Bitcoin is undoubtedly the most popular cryptocurrency in circulation today, it unfortunately faces several significant challenges that potentially prevent Bitcoin from being adopted and used mainstream — often called the scalability trilemma.
Despite its original intention, Bitcoin is far from decentralized and is both expensive and slow compared to other alternatives within the crypto community.
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