Broctagon at Block Live Asia 2019: Time to Say Goodbye to the PoW Consensus Mechanism?
Broctagon recently participated in Block Live Asia 2019, held in Singapore on April 18–19, 2019. The event centered around blockchain technology and its disruptive impact on industries across the globe.
Herbert R Sim, Head of Business Development at Broctagon, was part of the keynote debate held on Day 1 of Block Live Asia. Aptly named as ‘The Great Consensus Debate’, the discussion pitted industry stalwarts such as Roger Ver, Stefano Virgilli, Aly Madhavji and Herbert in the battle of wits on one of the most pressing topics in the crypto world — Proof of Work vs Proof of Waste.
The panelists tapped upon their own experience with the Proof of Work (PoW) Consensus Mechanism to take sides on this debate. Roger Ver, the man behind Bitcoin Cash, was especially supportive of PoW citing the fact that it was a market-led choice. Stefano and Aly also echoed his sentiments.
However, Herbert was significantly opposed to the PoW mechanism and quoted examples of the high amount of energy required to support a blockchain network. He stressed on the fact that the blockchain and cryptocurrency industries needed to look at alternatives that were less energy-intensive. Herbert highlighted Ethereum’s move to Casper as an endorsement of his stand that PoW is past its due date.
While the debate had its heated moments, it showed the true diversity of ideologies among the industry thought leaders. The cryptocurrency space is a constantly-evolving one and the multitude of opinions, be it united or polarizing stances, make it a truly exciting industry to be part of!
Herbert also highlighted the role which Broctagon NEXUS is playing in bridging traditional finance with crypto finance. He asserted that this would be the key step for cryptocurrencies to gain mainstream adoption.
About Broctagon Fintech Group:
Broctagon Fintech Group is a conglomerate with core competencies in total fintech solutions. They span comprehensive corporate consulting services and technological solutions that are fully developed in-house. The group is driven by a 300-strong team of professionals spanning 6 countries specialising in providing advanced, dynamic and turnkey innovations.
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