> It won't, and it's a very important technology since it's the only way for humans to store digital property without relying on some government or corporation.
Proof of work is the thing people have a problem with. There's lots of cryptographic techniques that you can use without proof of work.
And the only thing the likes of bitcoin need proof-of-work for is to avoid double-spending attacks.
Not quite sure what you mean by digital property. I can store valuable files just fine without proof-of-work. And we can copy them and give them to everyone in the world, too, at almost no cost.
Cryptocurrencies (and similar) allow you to keep a digital ledger. But the meaning of that ledger is still something we construct socially.
As a silly example: people agree to treat bitcoins as fungible. But they are perfectly traceable, so people could also agree to reject some specific bitcoin (and any descendent bitcoin that can be traced back to the banned ones; so if you mix them in a transaction, you just spread the taint).
For a slightly more real world example: I can imagine if Satoshi rose from the grave and held an auction to sell off the first bitcoin ever mined, he would get more than whatever bitcoin is currently trading for.
Proof of work is the thing people have a problem with. There's lots of cryptographic techniques that you can use without proof of work.
And the only thing the likes of bitcoin need proof-of-work for is to avoid double-spending attacks.
Not quite sure what you mean by digital property. I can store valuable files just fine without proof-of-work. And we can copy them and give them to everyone in the world, too, at almost no cost.
Cryptocurrencies (and similar) allow you to keep a digital ledger. But the meaning of that ledger is still something we construct socially.
As a silly example: people agree to treat bitcoins as fungible. But they are perfectly traceable, so people could also agree to reject some specific bitcoin (and any descendent bitcoin that can be traced back to the banned ones; so if you mix them in a transaction, you just spread the taint).
For a slightly more real world example: I can imagine if Satoshi rose from the grave and held an auction to sell off the first bitcoin ever mined, he would get more than whatever bitcoin is currently trading for.