Introducing a new cryptocurrency with a revolutionary Proof of Snake consensus mechanism.
It 100% scales.
explain it like i were 5
disclaimer: while typing this I slowly realized how hard it is to explain, but I hope this clears it up a little.
In crypto currency like bitcoin there is no central authority who is in charge, so all participants have to find another way to figure out if a transfer of coins is legit or just someone bullshitting. (the participants must reach a consensus).
Different cryptocurrencies have different mechanisms (consensus algorithms) to figure out the truth. How that actually works is mathy and hard to explain for me so I will skip that, but to get the joke you only have to know that the most well known consensus algorithms are: Proof of Work (do work solving hard equations) and Proof of Stake (use coins you already own as collateral).
Proof of Snake is a pun on the last one, where I would imagine you must somehow use snakes to verify transactions?
The last line is a reference to the scalability of, for example bitcoin, which has gotten slower as it has gotten bigger (scales badly) and the fact that snakes have scales.
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