Why Incentives Are Critical - Understanding The Evolution of Proof of Stake

Why Incentives Are Critical - Understanding The Evolution of Proof of Stake

Ever since first contender blockchains emerged decade ago, the consensus debate has raged on. The overall concept of proof-of-work (PoW) pre-dates Satoshi Nakamoto’s white paper by around 15 years. However, Satoshi was the trailblazer of using PoW in a decentralized peer-to-peer environment. He was the first to propose it as a means of economic incentive for preventing the double-spend problem.