Dear cryptocurrency community!
Today I'm happy to reveal to you all the newest consensus mechanism:
Proof of Reserves
You might be wondering how this consensus mechanism is different from the others like Proof of Stake or Proof of Work?
- It is highly centralized
- Generates a random chart for tokenomics for each blockchain so you don't have to
- The innovation came from the biggest exchanges to make you feel a false sense of safety
- Your funds can be accidentally sent to unautherized third parties
These are just the few examples of the advanteges of this new novel technology!
A lot of blockchains are already starting to use it or are currently implementing it like:
- Binance
- Coinbase
- Kucoin
- Crypto.com
With the help of Proof of Reserves these blockchains were able to reach 1 billion transaction fees per second! Quite the achievement if you ask me.
Currently there are a lot of people praising the inventor of this consensus mechanism Changpeng Zhao or CZ as most people know him. His idea was inspired by the likes of Charles Hoskinson and Gavin wood. Just like they left ethereum, he left FTX to improve on the already existing Proof of Collapse and create the Proof of Reserves consensus mechanism.
Be sure to build your own rug pull project with this new false sense of safety!
Edit: Sadly this is a repost because it first got removed due to comedy fair limits. Hopefully the proposal to have 4 comedy posts as limit gets passed.
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