Ethereum co-founder Vitalik Buterin believes that the future of blockchain technology is with Proof-of-Stake (PoS) networks, and these will be 'thousands of times' more efficient. He made this comparison in particular with centralized servers, while making a series of statements on Twitter.
Buterin believes blockchain technology is here to stay, and it will get much cheaper. He expects very mundane things to be published on a blockchain, because that's how easy and cheap it will be. Proof-of-Stake will play an important role in that.
"I literally foresee things like receipts of everyday purchases being published to blockchains. Because it'll just be the simplest tool out there for achieving the desired guarantees of verifiability, non-double-spending, etc." - Vitalik Buterin
In essence, everything you do can be recorded on a blockchain. Cryptography, or blockchain technology, allows data to be encrypted and it allows for proof that data was signed by someone. So if you buy a hamburger at McDonalds, you can sign for money being transferred, McDonalds can sign and say they gave you the hamburger, while the network can validate the transaction.
Currently the biggest PoS blockchain is DASH. Other projects worth mentioning are PIVX, The Hemp Coin (THC) and Phore (PHR). These are just a few of the many Proof-of-Stake projects on the market. Plenty of them are scams, but there are some legit projects out there that will stand against the test of time. Vitalik Buterin has already expressed his favor for Proof-of-Stake in a podcast with Blockchain Insider.
Vitalik Buterin is best known for his work on Ethereum. The self-made - and very intelligent - computer mathematician reportedly owns 500.000 ETH, making how easily one of the wealthiest innovators in the crypto space. The Ethereum blockchain is getting its next big update in January.
Posted from my blog: http://www.nederob.nl/2018/12/12/proof-of-stake-blockchains-are-the-future/