Money is at a crossroads. A race is on to decide who creates it, who can access it, who controls it, and how it's regulated
Solving this problem is close to impossible — cash has been used to carry out all the crimes for which cryptocurrency is blamed. But options could be considered. Cryptocurrencies could monitor users and introduce ‘know-your-customer’ forms of authentication, a feature absent up to now. But that would go against their principles of privacy and ownership, lowering their uptake. Researchers need to examine such trade-offs.
Researchers need to ask: what is the optimal regulatory framework for digital assets to prosper in? And, how can regulators work in this space to the benefit of all? Shifting to an alternative consensus process — proof of stake — could reduce energy consumption one-million-fold. Miners compete instead on the basis of their holdings of the coin. Ethereum is moving to PoS during 2022. But regulation and taxation risk disincentivizing PoS coins.
A handful of cryptocurrencies can handle large volumes of transactions. EOS, for example, can manage 50,000 transactions per second. But it is a centralized cryptocurrency, less private than Bitcoin.
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