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by useryman 1866 days ago
> there are many ways of running a lottery that don't involve burning tons of electricity in the process

You need something to be the limiting factor on the amount that you can try to win such a lottery. With proof of work, it's electricity. (assuming everyone is about as efficient as each other) Early on, they talked about it being proportional to cpu-time. That has become more abstract since.

1 comments

The limiting factor can be the price of the lottery ticket. (It seems the most obvious limiting factor, by the way.)
But what's the cost of the lottery ticket? Is it a certain amount work done? That's "proof of work". Is it an amount of the currency? That's "proof of stake", kinda.

I haven't heard of any cryptos that require you to risk your coins to mine. Sounds like a neat gimmick, but hard to implement.