As blockchain technology evolves, more and more blockchain networks are adopting a “proof of stake” concept with respect to operation and governance as opposed to a “proof of work” concept. But what does this mean, and why is this important? And, further, how should we think about these two modalities in terms of the broader blockchain ecosystem whether it be from a technical perspective or from the perspective of an investor.
In this episode of The Medium Rules, Alan Baldachin sat down with two of the four co-founders of the New York City-based startup Blockstake, Inc. to canvas a variety of topics related to the blockchain in general and proof of stake mining in particular. Blockstake is a crypto mining startup solely focused on blockchain networks based on proof of stake, whereby network participants can earn rewards in the form of more network tokens based on “staking” a certain amount of tokens up front. In exchange for staking, these trusted network participants earn the right to run “masternodes” which perform a variety of functions on the network, including transaction verification as well as governance. Tom McLaughlin is the CEO of Blockstake and David Wodka is the COO, and both Tom and David bring a wealth of enthusiasm and expertise to bear in a lively and wide-ranging discussion covering the basics of blockchain technology (hint: think of a decentralized version of the early aughts Napster network), masternodes and proof of stake mining versus proof of work mining, as well as the origin story of how Blockstake got its start. At the end of the podcast, we try and take a step back and look into the future to identify long-term trends with respect to the blockchain, as well as emerging projects that are of interest to Tom and David.
Resources:
The Masternode Manifesto by Tom McLaughlin - https://medium.com/blockstake/masternode-manifesto-682bf182891a
Blockchain Compliance Alliance Mission Statement - https://medium.com/blockchain-compliance-alliance/mission-statement-17841702eb6d
The Crypto Bear Market Manifesto - https://medium.com/blockstake/crypto-bear-market-manifesto-dd2107d925f8
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