The authors hold that the Bitcoin proof of work algorithm is ultimately flawed, that every consensus algorithm is flawed, and that it is not possible to create an algorithm that is not flawed.
Source quote, verbatim
However, we suspect that the Bitcoin PoW algorithm is ultimately flawed. In fact, we believe that every consensus algorithm is flawed. Further we are confident it is not possible to create an algorithm that is not flawed.
From
Craig Calcaterra, Wulf A. Kaal, A Technical Perspective on Decentralization (2021), Application to PoS consensus algorithms, p. 19 https://ssrn.com/abstract=3782203 · source PDF
Cite as
Craig Calcaterra, Wulf A. Kaal, A Technical Perspective on Decentralization (2021). SSRN: https://ssrn.com/abstract=3782203
Holds when
real world networks with changing markets and anonymous actors
extendskaal:claim:3782198-031 Proof of work consensus is energetically wasteful because the entire global network redundantly computes wrong...
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