The following is a guest post and opinion from Carter Feldman, CEO & Founder of Psy Protocol.
When Bitcoin emerged in 2009, it introduced an elegant consensus mechanism called Proof of Work (PoW). This system required miners to solve complex mathematical puzzles, consuming significant electricity to secure the network. For years, this approach defined blockchain.
Then came the critics. PoW was labeled unsustainable, unscalable, and ultimately unfit for mainstream adoption. Even before Ethereum launched in 2015, Vitalik Buterin was already advocating for a shift to Proof of Stake (PoS). The move promised to cut energy consumption while maintaining security through validator deposits rather than computational power. The industry, confronted with PoW’s apparent limitations, largely embraced this vision. It seemed like the natural evolution of blockchain.
The Great Panic
Let’s be honest about one thing that happened: the crypto space experienced a collective moral panic about energ
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