While the basic idea, to protect the Blockchain by proving that a certain amount of computation was invested to create every single block, is worth being preserved, the current implementation, using purely artificial computational tasks (hashing), with the sole goal of burning “enough” energy, is much too wasteful to be used productively1 and scales very badly. Proof of Meaningful Work keep the good idea, but implement it using meaningful computation tasks, so that the energy invested in the proof of the miners’ computational strength is used for calculations that support public scientific research projects (e.g. medical research for cures, chemical research, astrophysical simulations).
Here below combined with PoS so the ratio of PoS to PoMW can be adjusted continuously according to the momentary load situation.
Decrease wasted energy. The needed energy will be used for socially responsible projects in the fields of healthcare, science, ecological protection and more.
attack of more than 50% of the total computing power