Preview Mode Links will not work in preview mode

Aug 26, 2021

Bitcoin mining is frequently in the news for its energy consumption, and Cardano, one of our favorite blockchain projects, invites a discussion on how cryptocurrencies are created (or “mined”) in the first place. Join Alex & Jacki as they break down proof-of-work and proof-of-stake blockchain protocols and how they are innovating energy sourcing and distribution in different ways.


Show Notes:
:19 - Cardano introduces smart contracts coming in September and also the Cardano Summit.
:55 - Cardano’s academic project in Ethiopia
1:13 - Charles Hoskinson, founder of Cardano, has a great transparent YouTube channel that often communicates socioeconomic solutions via blockchain.
1:48 - proof-of-stake is a great way for anyone with any amount of money to get started with crypto rewards
2:00 - proof-of-work is super secure, but takes a lot of money and energy to mine and profit from.
2:10 - How does proof-of-work mining secure blockchain networks?
3:00 - How does proof-of-stake do it?
3:35 - The energy issue proof-of-work mining (both ethereum and bitcoin use this protocol)
3:50 - the media puts a lot of noise out there, but mining operations are driving innovation in reusable energy sources & green technologies
4:24 -
4:20 - geothermal, hydroelectric, solar, wind, battery cells, fuel cells, and nuclear fission are all contenders in replacing the coal and fossil fuel industries.
5:11 - Ethereum is moving from proof-of-work to proof-of-stake “Ethereum 2.0”
5:30 - the intense “work” that goes into “proof-of-work” is what secures the network.
6:18 - In proof-of-stake, malicious staking pools or wallets lose all of their stake and are penalized.
6:45 - In order to manipulate the blockchain, you have to manipulate every block that came before it! An insane amount of energy would be needed for this.
7:30 - blockchain ledgers keep a record just like a checkbook going back to the first check
7:39 - blockchain eliminates the issue of “double-spending” and will have a huge impact in the accounting industry.
7:57 - Cardano’s smart contracts introduce token utility.
8:15 - “CarDex” - a decentralized exchange on the Cardano network
8:45 - proof-of-stake is quicker and less expensive than proof-of-work
9:00 - proof-of-stake has a horizontal scalability
9:30 - a lot of staking pools have interactive communities behind them that help users on their passive income journey
9:48 - mass adoption of crypto means scaling at the levels of MasterCard and Visa

*FREE Webinar* on Blockchain and Cryptocurrency Basics | September 1, 2021

*Online Event* Cardano and Earning Interest by Staking | September 4, 2021

(Disclaimer: Cryptocurrencies are volatile and can move quickly in any direction. My Cryptocast is not responsible for any trading loss incurred by following our advice. Any opinions, news, research, analysis, prices, or other information provided by My Cryptocast is given as general market commentary and not purported to be fact. Please do not trade or invest based solely on this information.)