Cronos — Solving Proof of Work Drawback
Proof of work biggest drawback is whole system depends upon electricty. If electricty becomes expensive, POW will become expensive too. POW depends upon hardware too, and if it becomes expensive, POW will become expensive too. PoW creates an arms race between miners and developers of ASICs and GPU farms. Thats not only wasteful, it increases the risk of attacks against the network. The system is vulnerable to so called “nothing at stake” problem. if you have a blockchain where 100% of nodes always follow the same chain no matter what, then two competing chains are equally valid — so why would anyone mine on one chain instead of the other ?
Proof of work is one of the most inefficient ways of reaching consensus.
How Cronos is solving these issues : Cronos chain is proposing an EVM sidechain that integrates the following and each of these comes with their own benefits : 1 ) Speed of Tendermint Core 2) The interoperability functions of Cosmos SDK 3) Consensus mechanism called Proof of Authority.
Cronos chain will be using anothet consensus called Proof of Authority.
PoW and PoS are both susceptible to problems such as nothing at stake and long range attacks. Cronos Chain integrates the speed of Tendermint with a system that allows for an advanced POA consensus alogorithm and dramatically reduce the speed of transactions.
Cronos sets up a unique chain that is better than what is currently obtainable in the blockchain industry.