Defects analysis of blockchain PoW consensus protocol

Blockchain technology represented by cryptocurrencies has increasingly become the focus of social attention. The consensus protocol is the foundation for how the blockchain works. PoW, as the most widely used protocol, received more attention from researchers. This paper analyzes the defects of PoW, the most popular public chain consensus protocol in Blockchain, from five perspectives and points out the natural defects of PoW in high energy consumption, electronic waste, carbon footprint, expensive transaction fees, and centralization. This paper encourages the use of PoS and DPoS protocols instead of PoW protocols as they reduce the intensity of competition and may address the root cause of the aforementioned issues.