Hey Arnold,

Thanks for the critiques, I think it is a great way for me to improve.

Let me tell you what I think on the two points you mentioned.

I think there is a misunderstanding on making mining easier and making the financial rewards less meaningful. What you mentioned as a side effect is actually a change in the rewards of mining. If we make mining easier we allow more people into the game, which is not a bad thing per se. It will simply become less rewarding to mine, so the ecosystem structure will likely change moving towards different type of players. In addition to that, it is not said that proof-of-work is the optimal rule but rather I think we need to experiment with something completely different.

Regarding the second point, there are security issues in smart contracts and applications, and that has been proved by the several hacks with saw happening over the last few years. I see what you mean and I believe is a smart comment. I don’t have a clear reply to that but my guess is that i) if the smart contract concerns activities/transactions already completed, there is nothing to exploit because that wouldn’t affect the blockchain; ii) if the smart contract is still in place but designed with an old vulnerable structure, we would just need to rewrite it under the new secure code

What you think?

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Research Lead @Balderton. Formerly @Anthemis @UCLA. All opinions are my own.

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