The reason is because the only point of proof of work _is_ to keep latency high. You don't actually need it for anything else. The entire point of PoW is just to have there be a single value you can check before validating a transaction block. It's DDoS protection.
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There is of course the open question as to whether edge nodes will ever be able to verify a real, functional world-wide transaction system anyway. But in order for any of these cryptocurrencies to have a point, we have to assume that the goal is that they can.
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You have to trust that 51% of miners are honest, that is all, IIRC. When a tx is sent it goes to miners, but the funds are irreversibly transferred from one peer to the other, unlike a bank. This spares the expense of trusting a 3rd party.
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