Proof of stake is a scam. When I say that, I mean that proof of stake is (1) claimed to be a consensus system, and (2) constitutionally incapable of actually producing a consensus.
To understand why this is the case, we must first study how proof of work works, to be able to see why proof of stake is not an adequate drop-in replacement for it.
Despite considering myself a cryptographer, I have not found myself particularly drawn to “crypto.” I don’t think I’ve ever actually said the words “get off my lawn,” but I’m much more likely to click on Pepperidge Farm Remembers flavored memes about how “crypto” used to mean “cryptography” than I am the latest NFT drop.
Also – cards on the table here – I don’t share the same generational excitement for moving all aspects of life into an instrumented economy.
Even strictly on the technological level, though, I haven’t yet managed to become a believer. So given all of the recent attention into what is now being called web3, I decided to explore some of what has been happening in that space more thoroughly to see what I may be missing.