Abstract. A system such as Bitcoin operates using a proof-of-work-based consensus mechanism that many individuals have falsely claimed to limit the ability for the system to scale. As a result, alternative proposals based on proof of stake are misleadingly being promoted as scaling solutions. Yet, it will be demonstrated that proof of stake is not a scaling solution but rather a means of reintroducing ownership and equity control through a back-door creation of a digital bearer share. Here, an equity system based on anonymous holdings is constructed that allows the digital control of a corporate entity outside the provisions of regulatory controls.

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