 Mae'n gallu bod yn nhw'n gweithio y cwmddiannol iawn. Felly, mae'n gweithio'r pryd i'ch gyfnodd sy'n gweithio'r cyfrifwyr wedi gwirionedd i gyd yn ymddangos. Mae'n rhaid i'ch dweud o chi'n gweithio'r cyfrifwyr yn ymddangos eich Cyfrifwyr, ac mae'n gweithio'r cyfrifwyr yn ymddangos ei gael i gyd yn ymddangos gyfrifwyr, sy'n cyfrifwyr i gyd yn ymddangos â'r cyfrifwyr. Felly mae'r bwrdd hyn sy'n cynhyrch o'r wneud. Y dyfodol cyfnod o tekstio hwn yn ei wneud i Gwyrdiol o'r cyfnod o'r cyd-fodol gyda chebygau o ff hogenurau'u cyfnodol. Rwy'n rhai cyfnod o'r cyflog o'r cyfnod o'r cyfnodol yr cyd-sigol, o'r rhai cyfnod o'r cyd-sigol, mae'n dynnu cyflog. A wnaet o'r gwyoedd cysyllt i gyrhaeddoedd sydd yna yn yrdaughter ac atlefnu'r rhoeddenas o'r upsid. y cyfnod i'r rhaglen cwysig o'r system. O'r cyfnod i'r rhaglen cwysig, yw yna'n gwybod. Felly, mae'n golygu y cwysig newid yw'r ddigital cyfnod yn rhanogol rygid. Yn y cwysig yw'r ddigital cyfnod ychydig, yn ddechrau'n ymdweud o gwybod, yw'n gweithio y holl ychydig ar y cwysig yw'r ddigital cyfnod i'r rhanogol ychydig, A croes cyfnodd y cyfnodd ar gyfer y cyfnodd, byddwn yn ymwneud lle o'r ddysgu cyfnodd yn lluniau, ac yn dda'r ddysgu cyfnodd ar y ddysgu cyfnodd ar 30 o boll o 100. Ac roedd y cyfnodd yn ddysgu cyfnodd yn ddysgu cyfnodd o'r ddysgu cyfnodd yn lluniau. If you validate them incorrectly, you lose that money. If you validate them correctly, you get the money back after, say, 30 blocks, and you get a portion of fees. So now, instead of investing energy, you're investing the digital currency itself inside the system to prove that you are committing to check the security rules and help with the security of the network. There's a couple of problems with proof of stake that a lot of people are trying to solve, so it doesn't necessarily mean they're unsolvable problems. One of the problems, of course, is that that means that people who have lots of coins earn more coins. The rich get richer. We've seen this before. The other problem is that because what you're committing is part of the system and the system itself determines its value, you can get these strange conditions whereby, by cheating within the system, you may lose those coins, but you gain so much in other ways that you may confirm. Whereas when you're burning electricity, if you burn the electricity outside of the system, you're never getting that back. So proof of work is an extrinsic commitment system, meaning that what you're committing is outside of the system. You're committing electricity, which you have to pay a bill for it in the real world, not in the system. Whereas with proof of stake, it's intrinsic. You're committing the currency of the digital system in the digital system to validate the digital system. The other problem has to do with historical record keeping. I think one of the advantages of proof of work, despite that it's very expensive and uses a lot of energy, is that it allows you to create a level of immutability for the records. Now, one of the interesting things about blockchain is that once something is reported on the blockchain, you can't go back and change it. Because to go back and change a block that's ten blocks behind, because the next block depends on it, if you change it, you have to change all of the blocks after it. And for every one of those, you also have to redo all of the mining, which means you have to reinvest all of the electricity. And if you do, you're invalidating the previous change, so if you got paid once and you spent electricity twice, so you're doing it for free, which is kind of annoying. Which means that it's very difficult to change something that's being recorded on a proof of work blockchain. When I say difficult, the numbers are absolutely staggering. At the moment, Bitcoin is running at between 500 megawatts and a gigawatt of electricity in real time. If you wanted to change one day of Bitcoin transactions, that's 144 blocks, so 24 hours, you'd be looking at 1.2 gigawatts or 1.2 gigawatt hours of electricity. That's a lot of electricity. You'd have to invest very large amounts in order to get maybe nothing in return, right? So, with proof of stake systems, however, there isn't that external backing. There's a third system called delegated proof of stake, which is a slight twist on proof of stake. Well, what you can do is you can say, I'm going to park my money with this other party. They're going to lock in up in the block and they're going to do all of the checking and validation. And we're going to share in the rewards. That's a bit like electing a representative to Congress and having them make decisions for four years, and then after four years you decide if you're going to fire them or not. Only you do it on a shorter timeframe because it's just blocks. Again, very interesting. In fact, I think we're going to see combination systems. Bitcoin might end up having a proof of stake system, lightning network, which allows you to earn fees by creating payment channels where you have to commit money into the payment channels to make them run. And then you have to validate all of the transactions that are travelling across your payment channels. And if you validate them correctly, you get fees. That kind of sounds like a proof of stake system. So you could have this hybrid system where Bitcoin, some of the rules are validated by proof of work on chain, and all of the off-chain transactions on lightning network are validated by effectively a proof of stake system. You can have a hybrid. They're all interesting. What can we say about the security of these systems? We can say that Bitcoin's security achieved security for $37 billion on proof of work. How do we know? Because there's $37 billion that no one has been able to compromise. What can we say about delegated proof of stake? At the moment we can say that it's about, I think, $750 million. So there's this difference in scale. Over time, both of those will push forward and will see what each can do when it's put under pressure. And a lot of this really only matters when you're being attacked. You could have the best plan in the world if you're not being attacked.