Mark Mason
Well-known member
IOTA “Proof-of-Work As a Service” Shows Why Balancing Incentives Matters
A new service for IOTA introduces “proof-of-work as a service” reminiscent of proof-of-work mining in other major cryptocurrencies, illustrating the importance of carefully-balanced economic incentives to result in intended outcomes.
IOTA is a cryptocurrency running on a directed acyclic graph (DAG) instead of a more traditional blockchain setup. A key component of this is the eschewing of traditional proof-of-work mining and transaction fees popular in blockchain currencies such as Bitcoin and Dash, with users performing a portion of the the proof-of-work themselves in order to confirm transactions instead. This new service, PoWServe.io, allows some users to delegate the proof-of-work to the service instead, producing a more efficient transaction processing experience than having each user confirm transactions themselves.
Read more - https://www.dashforcenews.com/iota-...rvice-shows-why-balancing-incentives-matters/
A new service for IOTA introduces “proof-of-work as a service” reminiscent of proof-of-work mining in other major cryptocurrencies, illustrating the importance of carefully-balanced economic incentives to result in intended outcomes.
IOTA is a cryptocurrency running on a directed acyclic graph (DAG) instead of a more traditional blockchain setup. A key component of this is the eschewing of traditional proof-of-work mining and transaction fees popular in blockchain currencies such as Bitcoin and Dash, with users performing a portion of the the proof-of-work themselves in order to confirm transactions instead. This new service, PoWServe.io, allows some users to delegate the proof-of-work to the service instead, producing a more efficient transaction processing experience than having each user confirm transactions themselves.
Read more - https://www.dashforcenews.com/iota-...rvice-shows-why-balancing-incentives-matters/