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.
Obviously if you only care about a few hundred massively capitalized operations who can afford arbitrarily large bandwidth and storage, then sure, maybe this makes sense - but then you don't need cryptocurrency anymore, either. Because you've regressed back to today's banking.
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With the PoW rate limiter, BitCoin really does still live up to the promise of anyone can validate, right. I mean right now you could presumably set up a node and validate the entire history of BitCoin, as a basic user.
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Without the PoW rate limiter and/or with arbitrarily massive blocks, then that all goes away.
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