Why does Proof-of-Work matter for decentralization?

Proof-of-Work provides the strongest censorship resistance because anyone can mine without permission. Unlike PoS where validators can be identified and pressured, PoW miners are anonymous and replaceable. The energy cost creates a real-world anchor that can't be captured by regulators or insiders.

• Permissionless: anyone can mine
• Anonymous: miners hard to identify/pressure
• Real-world cost: can't be gamed by insiders
• No 'rich get richer' staking dynamics
• Proven security model (Bitcoin since 2009)
• Censorship resistance by design