Why do proof of work systems ramp up the difficulty of hash solving while keeping latency constant, instead of keeping difficulty constant while nodes compete to reduce latency? The later seems more useful, and not inflationary.
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AFAICT - and I may be missing something - it really doesn't do anything else. That's the entirety of what the PoW part does (I mean, with respect to transactions - there's the minting money part, which is separate).
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So PoW is just a rate limiter. It caps BitCoin at, you know, 7 transactions a second or whatever. And that's on purpose, to prevent both DDoS, and to prevent the storage from overwhelming the non-industrial nodes on the network. For example:pic.twitter.com/CsHKV2r0ZP
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