By Jonathan Laird Originally published on The Block, July 22, 2019 Quick Takes Economists generally describe money as a medium of exchange, a unit of account, and a store of value.In order to perform those functions, money needs to be fungible (interchangeable, like how two five-dollar bills equal one ten) and inimitable (unable to be…
ASIC Resistance and the Demands of Decentralization
By Jonathan Laird Originally published on The Block, April 17, 2019 Quick Takes The creation of specialized mining hardware (ASIC miners) is a natural and expected development as the cryptocurrency space matures.Commodity hardware miners (such as GPUs) encourage Satoshi’s original vision of egalitarian mining but may increase the ease of 51% attacks due to widespread…
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