I work in ‘web3’. What’s ‘web3’ ? It’s complicated, and something I can talk about for hours. In short, it involves removing intermediaries/gatekeepers and putting the user in the center through technology empowerment.
So what is it I do? Well, mainly I focus on the technology, and related strategy work. How can you make use of Web3 technology to enable Web3 business? We’re still early days, with much technology still needed, and much understanding still missing.
So I guess you can say I’m in it for the tech. I’m not in it for a pump and dump, or some NFT monkey or rock. But sometimes these things come together, and I can’t be in this business without releasing my own token, can I?
Proof of Work is what’s currently driving big blockchain systems like Ethereum and Bitcoin. While Ethereum is moving to Proof of Stake, for better security and less energy consumption, we shouldn’t completely dismiss Proof of Work.
PoW is a simple algorithm that’s easy to implement. One key problem is its unconstrained energy usage. NuPoW addresses this, by adjusting the reward according to an energy threshold. Cross the threshold, and the reward is reduced, limiting the upper energy consumption.
NuPoW in itself is an algorithm, and those can be used with many applications. The first application of NuPoW is as an ERC-20 token, where the minting is controlled through the NuPoW algorithm. This gives us a predictable upper bound on both energy consumption and token supply.