Bitcoin cannot qualify as tokenized proof-of-work either way.
Blocks earlier in the chain did less work, while earning more sats per piece of work.
Bitcoin cannot qualify as tokenized proof-of-work either way.
Blocks earlier in the chain did less work, while earning more sats per piece of work.
That's what tokenization does. It locks in the price of time in that time. That's why a tokenized thing is not the thing itself. The value was locked in the past and that alone significantly changes incentives.