For those who don’t know, proof of work is the name of the consensus algorithm used by Bitcoin and its forks, of which eCash is one. It’s called proof of work, because in order to be rewarded with new coins, computers must “work” to find the solution to a difficult problem. This is done through trial and error as these “miners” try countless answers over and over again until the right one is found. The one who does is rewarded with coins. Proof of work is the foundation Bitcoin is built on, and I’ve always thought that was kind of perfect.
Because in addition to being the name of the consensus algorithm, proof of work also refers to this idea of proving your work, of grinding away at a problem, and working it over and over again until it’s been solved.
When Satoshi Nakamoto created Bitcoin, he proved his work with the release of his white paper and the original Satoshi client. But he never said the work was done.
My greatest disappointment in crypto is that after 5 years, I’ve seen so little progress in the areas that matter. The BTC network is still at a pitiful 7 transactions per second, exchanges still require multiple confirmations, and any increase in traffic causes fees to skyrocket.
It’s a symptom that not enough people put in the work. But the eCash project is trying to change that. To remind us of the importance of proof of work by tackling difficult technical problems and delivering cutting edge solutions.
I believe the real gift of Satoshi’s invention is the way it can remind us of the importance of work. That without enough people putting in the hours and solving the right problems, everything decays. No one is rewarded. Unfortunately, too many people have forgotten this, which is why crypto still finds itself where it is today.
I named this blog Proof of Writing because writing is my own form of proof of work. By iterating over and over again, publishing article after article, I’m hoping that one day I’ll be able to find my own solutions.
I support XEC because it’s a project built on the idea that the only way to true wealth is by proving your work, not with fancy tricks, or taking advantage of others.
If you’re interested in a project that is all about proving your work, look into what they’re building at e.cash.