digital currency (1)

Initial thoughts on The People's Reserve

I've just read The Peoples Reserve whitepaper: Much thought has clearly gone into the implementation. The best thing about it as opposed to many other 'blockchain' currencies (ie: Bitcoin) is that the 'consensus algorithm' is not based on 'proof of work'. Think of the consensus algorithms as a computational way of confirming that everyone is seeing the same tamper-proof copy of a digital ledger which stores who has paid whom. Whenever you see a 'proof of work' implementation, look away.

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