In this letter to Elon Musk, Bryan Daugherty explained his different view on blockchain technology utility, specifically proof-of-work consensus mechanisms for data and financial interchange.
Proof of Work gives a trustless model for resilience and security, including identifying assets and preventing fraud and risk, protecting critical infrastructure, detecting activities on a network, and more.
In this letter to Hochul, the Bitcoin Association highlights its efforts to reduce emissions associated with Bitcoin mining while urging the city to explore other utilities to slash carbon footprints.
Daugherty applauds the lawmakers for seeking solutions to stem illicit finance into ‘cryptocurrencies,’ but this bill also demonstrates the need for legislators to not over-regulate the space.
Here is the forecast of the blockchain industry in 2023 from BSV Blockchain Association’s Global Public Policy Director Bryan Daugherty.
If proof-of-work distributes objective consensus to miners outside of the network, proof-of-stake consolidates power to a subjective, in-network minority.
It is likely that the recent SolarWinds hack will become known as the worst cybersecurity breach in United States history—affecting the most sensitive government networks and critical U.S. infrastructure.
