You don’t need 51% of the world’s power though, just 51% of the power of people who care about how the system works. Most people using block chain cryptos don’t care at all, so the threshold is a tiny percentage of the user base.
It works more like loaning money and then receiving interest, except you are loaning crypto to the network and then you get it back, plus some, after a certain period of time
You don’t need 51% of the world’s power though, just 51% of the power of people who care about how the system works. Most people using block chain cryptos don’t care at all, so the threshold is a tiny percentage of the user base.
Yeah you’re right. I was thinking specifically Bitcoin and the astronomical amount of compute power that’s behind it.
That’s proof of work. Proof of stake is you just need more than everyone else, right?
It works more like loaning money and then receiving interest, except you are loaning crypto to the network and then you get it back, plus some, after a certain period of time
Is the network not considered a third party