Most of us might have heard of the vote to ban proof of work (POW). When computers were invented, the government was intrigued and glad that the world is stepping into a developmental era. They never knew what would follow
Satoshi Nakamoto stepped in with a big thing (Which I always refer to as a big blow) and the government began to panic. The funniest part was that they never see it coming. At first, cryptocurrency was regarded as shit, and they see anyone involved as a daydreamer, but the rate at which it rose and get accepted by the world burst their bubbles<div?
Back in early 2000, no government care about any fucking crypto-asset because the physical currencies are doing well and mostly used for transactions. When the cryptocurrencies started breaking the bones of the existing physical currencies in so many ways like
Cost of transactions
High percentage on investment (ROI)
Ability to control assets without a third party involved
Anonymous transactions
Secured account with alpha-numeric password
Mad profit on investment overnight and so on,
They became uncomfortable. Many crypto users understand the cost of transactions in crypto compared to the bank and also the percentage on investments on defi to what other centralized systems would offer. So that created a vacuum between the government and the citizen, and the only way they thought they can fill it is to ban POWs
Obviously, it was bitcoin that came with the revamped concept of POW in 2009 with relation to computer processing algorithm which is the processing time by a computer but in a block form (consensus algorithm)
Many cryptocurrencies adopted the consensus algorithm (POW) and it became something that generated a lot of wealth for early adopters through mining. When bitcoin introduced the POW concept, anyone capable of setting up a mining farm can get the equipment and start mining bitcoin from the comfort of his home. With time, it became easier. Many cryptocurrencies can be mined today with only a cell phone using the POW consensus algorithm
.
We have
Proof of Work (POW)
Proof of stake (POS)
System programming and operation system(SPOS)
Delegated proof of stake (DPOS) and so on
But the focus is POW because that's the bitcoin concept. And there's a proverb that says
Once they have the point to ban bitcoin, every other crypto will definitely suffer and most would die like a fumigated weed.
The MICA bill that goes against POW cryptocurrencies was highly kicked against by the European Parliament’s Committee on Economic and Monetary Affairs. 32 voted against the ban while 24 voted in favor
Now, this is critical, but a relief because of the positive outcome. Even though the majority had it in our favor, we should also reflect on "what if the reverse is the case'? It means we are going to have a more bearish market on almost all coins
It's certain that the government cannot win this race. As far as the internet exists, the blockchain will keep doing wonders. Thanks to the guys that are still in support
The centralized nature has gotten into the so-called governments that they don't want any organization or group of people to do things without their consent in the financial industry, but far from their thought, blockchain technology has come to stay and it will keep existing as a bone in their diet
Give it up to SATOSHI NAKAMOTO.
He's a gem.
Thanks for reading.
This is ckole the laughing gas
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Leave They can only succeed only if the internet can be disrupted (Vote in favor)) to:
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