Systems built on trust, norms, and institutions function better than blockchain
The problem that proof-of-work blockchain solves is widely misunderstood. It uses proof-of-work to establish consensus over points in time which are universally unique. Prior to the publication of Satoshi&#x27;s paper we did not have a solution to this problem and for that reason it is a significant advance in technology. I wouldn&#x27;t call it crappy, it&#x27;s actually quite brilliant.<p>For a detailed description see this: <a href="https:&#x2F;&#x2F;grisha.org&#x2F;blog&#x2F;2018&#x2F;01&#x2F;23&#x2F;explaining-proof-of-work&#x2F;" rel="nofollow">https:&#x2F;&#x2F;grisha.org&#x2F;blog&#x2F;2018&#x2F;01&#x2F;23&#x2F;explaining-proof-of-work&#x2F;</a>