Proof-of-work remains the dominant consensus mechanism in cryptocurrency, representing 60% of total crypto value, and is essential for creating robust, economically secure decentralized systems; Quai Network has developed a new proof-of-work architecture over seven years of research using first principles to achieve global scalability for monetary use.
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Why proof of work? Many people may think that proof of work is archaic, it doesn't scale, and it's no longer worth talking about. But fundamentally, proof of work still represents 60% of the total value in crypto. Number two, proof of work is the only way to create a robust and economically robust decentralized system. So, what did we do for 7 years? We started from a blank sheet using first principles. We were able to build a new architecture and a new consensus system so that we could achieve a proof of work system that could scale to be globally used as money.
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